Welcome to Valuexpress Recent Closings, SBA 5. Loans. Value. Xpress Arranges $3. Million CMBS Conduit Loan for the Refinance of a Walgreens Drugstore in Vermont. Value. Xpress has arranged a $3. CMBS conduit loan for the refinance of a free- standing Walgreens located at 4. Canal Street in Brattleboro, Vermont. The transaction paid off an existing CMBS conduit loan that was set to mature in December.
Value. Xpress arranged the loan to close early in the open prepayment period to capture an attractive interest rate.“The transaction was a challenge as the location reported declining sales over time. A competing drugstore, Brattleboro Pharmacy, opened up directly across the street from the Walgreens a few years ago and was the only new competition in the market for many years,” commented Michael D. Sneden, Executive Vice President of Value. Xpress. This transaction represents the fourth deal that Lawler has completed with Value. Xpress. The transaction provided significant cash- out loan proceeds to allow the sponsor, Scott Yeager, to continue to grow the portfolio by utilizing the excess loan proceeds as construction loan equity to build additional projects under the Yeager Office Suites brand. The next project will be located in Plano, Texas.
Scott is eying the Phoenix market for additional Yeager Office Suites projects. The portfolio was 1. These firms make spread income between the total rents collected from the suites versus the rent paid to the landlord for the block space. Scott Yeager and Yeager Office Suites is one of few developers that has elected to develop and own suite space- purposed buildings.
The loan provides for a 1. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with Value. Xpress to arrange additional CMBS conduit loans. The hotel is located in Tucumcari, New Mexico. Tucumcari is located on I- 4. Route 6. 6), midway between Amarillo, Texas and Albuquerque, New Mexico. The property features a host of complimentary amenities, such as guest laundry services, a fitness center with TV and high- speed wireless Internet access.
For active guests, the property features an indoor pool and a game room, with basketball and a pool table. The property is in close proximity to Mesalands Community College and the New Mexico State University Agricultural- Science Center. Local attractions surrounding the hotel include the Mesalands Dinosaur Museum, the Tucumcari Historical Museum and Ute Lake State Park.
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The hotel is also minutes from the historic downtown area, convenient to the Tucumcari Convention Center and the Tucumcari Municipal Airport. The loan provides for a 1.
Financing was provided by an active CMBS conduit lender that has an ongoing relationship with Value. Xpress to arrange additional CMBS conduit loans. The loan provided cash equity proceeds to the sponsor after payoff of the prior loan that is expected to be reinvested in another hospitality project.
Definition: Market research that's already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade. Examples of eligible businesses include manufacturers, hotels and motels, nursing homes, gas stations, and restaurants. The loans must be used for fixed. The Small Business Administration (SBA) was created by the Small Business Act of 1953. 1 The primary purpose of the SBA is to encourage lending to small businesses.
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Value. Xpress Arranges $7,1. CMBS Conduit Loan for the Refinance of Two Drugstores in New Jersey and North Carolina Value. Xpress has arranged a $7. CMBS conduit loan for the refinance of two free- standing drugstores, a Walgreens located in Glendora, N. J. Since the properties were under common ownership, the loan was made to two separate entities, but was cross collateralized.
The Rite Aid, located at 1. S. Madison Avenue, Whiteville, North Carolina, began its life in 2. Eckerd Drug Store. Rite Aid purchased Eckerd Drug Stores in June 2. Whiteville store, while some stores were sold to CVS) to Rite Aid and this location remains a Rite Aid today. The second store is a Walgreens located at 1. Black Horse Pike, Glendora, New Jersey.“The transaction was a challenge as both locations reported declining sales over time.
Both have been affected by newer competition from Walmart and Sam’s Club,” commented Michael D. Sneden, Executive Vice President of Value. Xpress.“We were able to get the transaction completed by properly structuring the loan to include a full cash flow sweep of the tenant rent to pay down the loan in the event that tenant sales fall below prescribed levels,” said Lawler Rodgers, a Commercial Capital Training Group graduate and President of Rockfish Funding, the mortgage broker on the transaction. This transaction represents the third deal that Lawler has completed with Value.
Xpress, and a fourth deal is approved and ready to be funded in the beginning of September. The property is a three- story hotel that was constructed in 2. The loan provided for cash- out proceeds for a Property Improvement Plan (PIP) in conjunction with a 1. Holiday Inn Express – Canton, MSThe property is located adjacent to I- 5.
Canton, Mississippi, 2. Jackson. The area is dominated by the Nissan automotive assembly plant located in Canton.
The 4. 2- million- square- foot assembly plant was constructed in 2. Total investment in the facility is over $3 billion.
The plant has an annual capacity of over 4. Nissan pickup trucks and SUVs. The plant also produces the Nissan Altima passenger car and Nissan Murano crossover vehicle. In addition, Canton is a well- known filming location (who knew!).
Mississippi Film Studios at Canton (MFS) is Mississippi's first purpose- built production facility. Sitting on 3. 1 secure acres with a massive 3. MFS was developed to serve the full spectrum of film production, from low- budget features and commercials to major network television and large feature films. The property is currently 9. The property was constructed in 1.
It is in excellent condition. Sneden, Executive Vice President of Value. Xpress. There is very little level land in the desirable areas of West Virginia for real estate development. The sponsor basically blasted the mountains at a desirable I- 7. As a result, the center has been historically well occupied. Loan- to- value was 7.
DSCR on actual income and expenses. Value. Xpress Arranges $4. Million CMBS Conduit Loan for the Refinance of a 5. Room Best Western Hotel in Ellensburg, WAValue.
Xpress has arranged a $4,7. CMBS conduit loan for the refinance of a 5. Best Western hotel located in Ellensburg, Washington. The property is a three- story interior- corridor hotel that was constructed in 2. The loan provided for cash- out equity return to the owner in addition to funding a Property Improvement Plan (PIP).
The property is located in northern Washington State, approximately 1. Seattle. The hotel is situated adjacent to Interstate Highway 9. I- 9. 0), near its intersection with I- 8.
I- 9. 0 traverses eastward from the property, and I- 8. Ellensburg is the home of Central Washington University (CWU). Founded in 1. 89. Office of the President, Business and Financial Affairs, and Academic and Student Life (ASL). Within ASL are four colleges: the College of Arts and Humanities, the College of Business (Ellensburg campus and centers in the Puget Sound and central regions), the College of Education and Professional Studies, and the College of the Sciences. The property provides guests with an extensive amenities package that includes an indoor pool with hot tub, complimentary hot breakfast, fitness center, business center and high- speed internet.
Each room has a microwave/refrigerator, coffee/tea maker and a desk/work area.“The transaction was the second deal for this borrower, having completed the $3. Comfort Suites – Yakima closing just a few months ago. The sponsor was impressed with the execution on the Comfort Suites and selected Value.
Xpress to complete this follow- on transaction,” commented Michael D. Sneden, Executive Vice President at Value. Xpress. Value. Xpress Arranges $5. Million CMBS Conduit Loan for the Refinance of a 9. Room Best Western Hotel Located in Yuba City, CAValue. Xpress has arranged a $5,5. CMBS conduit loan for the refinance of a 9.
Best Western hotel located in Yuba City, California. The property is a two- story exterior- corridor hotel that was constructed in 1. The loan provided for significant cash- out equity return to the owner. The property is located in northern California, approximately 4. Sacramento. The hotel is situated in central Yuba City adjacent to Highway 9. Sutter Buttes mountain range. Yuba City provides for many leisure activities, including gold mining in nearby historic “gold- rush” communities as well as hiking and camping in Sutter Buttes.
In addition, the property provides accommodation for business guests visiting local companies in proximity to the hotel, including Sunsweet Growers, Sierra Gold Nurseries, Orchard Machinery Corporation, Valley Truck and Tractor, John Deere and Beale Air Force Base. The property provides guests with an extensive amenities package that includes an outdoor pool with hot tub, complimentary hot breakfast, fitness center, business center and high speed internet.
Each room has a microwave/refrigerator, coffee/tea maker and a desk/work area.“The transaction was challenging in that the CMBS market does not favor exterior- corridor hotels,” commented Gary Unkel, Senior Loan Originator at Value. Xpress who handled the transaction. Add a big cash- out to the mix and I really had my hands full, but the property performance is exceptional and I was able to push the project through the credit approval process.” Value. Xpress Arranges $5,9.
CMBS Conduit Loan for the Refinance of a 7. Room Holiday Inn Express and Suites Hotel Located in Guymon, OKValue. Xpress has arranged a $5,9.
CMBS conduit loan for the refinance of a 7. Holiday Inn Express and Suites located in Guymon, Oklahoma. The property is a 4- story hotel that was constructed in 2. The loan provided for cash- out proceeds for a Property Improvement Plan (PIP) in conjunction with a 1.
In addition, the loan provided significant cash equity return to the owners. The property is located in the northwest section of the state of Oklahoma, approximately 2. Oklahoma City and 1. Amarillo, Texas. Guymon is the county seat for Texas County, Oklahoma.