HFF closes $22.4 million ground sale/leaseback and finances $21 million

HFF closed the $22.4 million ground sale/leaseback and arranged $21 million financing for Holiday Inn Manhattan View, a 136-key, full-service hotel located at 39-05 29th St. in Long Island City. HFF marketed the property on behalf of the seller, Queens Plaza North, LLC. A New York-based private investor purchased the land under the hotel and then leased it back to Queens Plaza North, LLC, for 99 years. In addition, HFF worked on behalf of Queens Plaza North, LLC, to secure a fixed-rate loan through CCRE. The HFF team working on the transactions was led by managing director Robert Delitsky, director KC Patel and real estate analysts Jackie Ferrer and Cindy True. "The Holiday Inn Manhattan View carries a global brand recognized by international and domestic travelers and reflects the burgeoning demand for moderately priced hotel rooms in the outer boroughs with convenient access to Manhattan," Patel said.