Finkel and Ryback of Meridian arrange $13 million; Flax, Levin & Orman of Meridian secure $1.8 million
Queens, NY Meridian Capital Group arranged $13 million in ground up construction financing for the development of the Marriott Towne Place Suites hotel located in Long Island City.
Rendering, Marriott Towne Place Suites, 38-42 11th Street - Queens, NYThe two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. This financing was negotiated by Meridian vice presidents, Eli Finkel and Michael Ryback.
The future Marriott Towne Place Suites, located at 38-42 11th St., is planned to be a 10-story, 133-key, extended stay hotel, developed by Midtown Properties. The design and architecture of the hotel will embrace a residential aesthetic for guests who have an extended-stay of up to 30 days.
Long Island City has become a desirable area for hotel developments due to its proximity to Midtown Manhattan and strong transportation alternatives. Located in the Ravenswood neighborhood, the property is a 15-minute drive from LaGuardia Airport and a short walk from the F and 7 subway lines at the 21st St.-Queensbridge station.
“Meridian’s exceptional position in the marketplace and Marriott’s stand-out extended stay hotel concept allowed us to secure a ground-up hotel construction loan in a constrained lending environment,” said Ryback.
37-32 107th Street - Queens, NYMeridian also arranged $1.8 million in financing for the purchase of a five-story, 8,574 s/f multifamily property located at 37-32 107th St. in the Corona neighborhood.
The five-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.07%. This transaction was negotiated by Meridian managing director, Brian Flax, Ami Levin and associate, Blake Orman.
The rich history and cultural character of Corona has brought many new residents to live, work and dine in the neighborhood. The property’s central location offers tenants a two-block walk to the 7 subway line at the 103rd St. Corona Plaza stop and is in close proximity to a wide variety of international restaurants and shops.
“This transaction had strong in-place cash flow, which allowed Meridian to negotiate a 65% loan-to-purchase price deal and provide a smooth and seamless execution,” said Orman. “We look forward to working with the client on similar transactions in the future.”