According to Zeev Douek, a director of Q10 | New York Realty Advisors, LLC, the firm has closed a $13.8 million non-recourse loan on an 80-room limited service hotel located in the Midtown West /Convention Center district. The hotel draws many business travelers who are attending events at the Javits Center and also appeals to tourists as an affordable hotel option. The loan was a cash-out refinance of a 2006 loan. The loan was written for a 5-year term and the rate was fixed at 5.11%. The lender did not charge a fee. The lender moved very quickly and offered highly competitive loan terms and a willingness to customize the loan to meet the needs of the borrower.
Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 26 offices in 20 states nationwide. Q10 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 include local, regional and national developers, investors, property owners and REITS. They 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. Tags: