Lisser of Johnson Capital arranges $16 million for seven-story, 128-room Wyndam Garden Hotel in Long Island City, Queens

According to Johnson Capital, a national real estate investment company, Daniel Lisser, principal in the firm's N.Y.C. office, has arranged $16 million in financing for the 128-room Wyndham Garden Hotel in the Long Island City section. The seven-story select service hotel opened in May 2012. It is located at 44-29 9th St. and was developed by a local developer. Since opening, the hotel has performed strongly, achieving market-level occupancy and room rates. The debt, which was provided by a CMBS lender, is being used to refinance an existing three-year bridge loan for $9.5 million that was also placed by Johnson Capital in October 2012. The new loan is non-recourse with a fixed interest rate and a 27-year amortization schedule over the ten-year term. Lisser said, "We were able to find a lender that was able understand the strength of the market and the intrinsic value of the property." Johnson Capital is celebrating its 25th anniversary as a leading commercial real estate capital advisory firm.