New York,NY Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors have arranged a $15.5 million permanent loan on an 80-room limited service hotel located close to the Jacob Javits Convention Center. The loan was a cash-out refinance of $3 million at a fixed interest rate for the term of the loan. Hotel management had recently changed flags and the property was going through a transition period. The loan was placed with a local bank and closed in six weeks from the signing of the term sheet and four business days after the issuance of a commitment.
Cronin said, “The lender went above and beyond in addressing the borrower’s needs, particularly with the scheduling of the fast-paced closing.”
Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 24 offices nationwide. Q10NY has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Our clients are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. Our affiliation with Houlihan-Parnes Realtor, a multi-dimensional privately owned real estate company founded in 1891 provides a level of professionalism and expertise unmatched in the market. Houlihan-Parnes is celebrating its 125th anniversary this year (1891-2016). For more information please contact Jeanne Cronin and Zeev Douek of Q10 | New York Realty Advisors at 914-694-6070 or visit our website at www.q10capital.com or www.houlihanparnes.com
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