ValueXpress has arranged a $6,960,000 CMBS conduit loan for the purchase of a four-story Holiday Inn Express & Suites hotel constructed in 2018. The loan was based on 70% of the purchase price for the hotel and included financing for 70% of the Property Improvement Plan (PIP) costs.
The hotel is ideally located in proximity to several significant demand generators. The hotel is two miles from Memphis International Airport via Winchester Road. In addition, the hotel is located four miles from the FedEx Air Training operations center. The hotel is also located one-half mile from Graceland, the 14-acre estate once owned by singer and actor Elvis Presley. Graceland is the most-visited privately owned home in America with over 650,000 visitors a year.
FedEx has a significant presence at Memphis International Airport. To accommodate the company’s growth and increased number of aircraft professionals, FedEx chose to expand its air operations training facility in Memphis. The facility was expanded by 245,000 square feet and is equipped with the latest training technology. The core of the building is made up of 12 simulation bays that feature space to hold large flight simulators to train FedEx pilots. The building also holds a corporate history museum, a 400-seat conference auditorium, classrooms, and multiple support office areas.
Memphis International Airport is also home to the FedEx Express global hub, which processes many of the company’s packages. Non-stop FedEx destinations from Memphis include cities across the continental United States, Canada, Europe, the Middle East, Asia and South America.
This was a first-time CMBS loan for this client, and as with all new and existing clients, ValueXpress guided the client through each step of the process, resulting in a close six weeks from application. The loan was originated by Jay Bhakta, Senior Loan Originator at ValueXpress. For your next loan, contact Jay at 601-918-2850 or by email at jayb@valuexpress.com.
