ValueXpress obtained a $1,400,000 first mortgage loan commitment from a southeastern U.S. banking partner secured by a 48-unit Best Western hotel in Canton, MS. The loan commitment is subject to receipt of an SBA 7(a) loan guarantee.
The building was constructed in 2000 and consists of 23,782± square feet of gross building area and 48 guest room units, including 18 Kings, 2 King Jacuzzi suites, and 28 Doubles. The subject was originally constructed as a 50-unit motel; however, one room is occupied by the owner and a second was converted to an exercise facility, as required by the franchise. The subject property has a typical registration area and a lobby with a breakfast area and kitchen. Interior corridors runs east/west in the middle of the building on each floor; vending machines are located in these areas. Other areas include office, laundry, and pool.
The transaction was orchestrated by Jay Bhakta, senior loan originator at the ValueXpress Jackson, MS office. “This property is owned by a good client of mine who looked to me to complete a complex ownership restructuring in conjunction with the refinance. I have a lot of experience in these types of transactions and was able to advise my clients on how to get it done.”