Meridian Capital Group, America’s most active debt broker, arranged $13 million in ground up construction financing for the development of the Marriott Towne Place Suites hotel located in Long Island City.
The 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, who are both based in the company’s New York City headquarters.
The future Marriott Towne Place Suites, located at 38-42 11th Street, 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 close 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 Street-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 Mr. Ryback.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com