News:
Brokerage
Posted: December 3, 2019
Marcus & Millichap Capital Corp. places $46 million loan for Staybridge Suites project by developer Li
Queens, NY Marcus & Millichap Capital Corp. (MMCC) has arranged for $46 million in construction financing for a Staybridge Suites located at 38-61 11th St. in Long Island City, according to vice president and regional manager John Krueger. The construction financing was originated by Gary Sefcik, Iona Liu, Dan Lisser, and Rick Lechtman, of the firm’s Manhattan office, for real estate developer Teddy Li.
Staybridge Suites is the Intercontinental Hotel Group’s extended stay brand. The project will encompass 180,000 s/f, 24 stories, 240 rooms, a community facility and 109 parking spaces.
According to Sefcik, “Construction lenders have become selective on which hotel projects to back at this stage of the cycle. Long Island City has amongst the longest hotel stay nights of any neighborhood in New York City, while the submarket has a limited supply of extended stay hotels. In fact, the current submarket RevPar leader is an extended stay hotel. We utilized a private lender with the sophistication to understand the dynamics of this particular market, and with the capability of supporting the developer in delivering the project within its rapid timeframe.”
Tags:
Brokerage
MORE FROM Brokerage
Legion Investment Group and Nahla Capital’s 1122 Madison Avenue inks $21.175 million contract
Manhattan, NY 122 Madison Ave.’s half-floor Residence 14 North went into contract for $21.175 million. This was a top deal in the Olshan report and the only deal above $10 million.
Quick Hits
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
