Meridian Capital Group

MSD Partners Provides $94M for Marriott and Residence Inn at JFK Airport

December 01, 2022

Soundview Real Estate Partners and Chartwell Hospitality have landed $94 million in financing for the Marriott and Residence Inn at John F. Kennedy Airport in Jamaica, Queens, Commercial Observer can first report.

MSD Partners provided the floating-rate, interest-only loan. Meridian Capital Group negotiated the transaction with a team led by Adam Hakim, James Murad and David Baker.

Located at 144-02 135th Avenue, the property consists of two new-construction hotels operating under the Marriott brand. The first hotel, a 182-key Residence Inn, has achieved a temporary certificate of occupancy and opened for business recently. The second hotel, a 360-key full-service Marriott, is over 90 percent complete and will be achieving a temporary certificate of occupancy in the second quarter of 2023, according to a release. 

“The closing of this loan demonstrates continued demand from the lending community for quality hospitality products in strategic locations at a good basis,” Hakim said in a statement. “The sponsor has built the best limited and full-service hotel product in the JFK submarket and will be operating under the Marriott flag to maximize occupancy from their best-in-class reservations system.”

Featuring:
Adam Hakim
Senior Managing Director
Origination
(212)612-0125
[email protected]
James Murad
Managing Director
Origination
(212)612-0291
[email protected]
David Baker
Senior Associate
Underwriting and Loan Placement
[email protected]
Read Article
Recent Articles | Back to News

Patiently waiting - by Shallini Mehra

Article
December 1, 2022

Opportunity Abounds in Industrial Real Estate: Q&A With Meridian Capital’s David Schechtman

Article
December 1, 2022

Meridian Capital’s NY Institutional Investment Sales Team to Market Boutique Development Site in Turtle Bay

Article
December 1, 2022

Meridian Capital Group Arranges $86.5 Million Sale and $47 Million Financing of Newly Built, 103-unit Mixed Use Property in Flushing

Article
December 1, 2022

Ashkenazy Acquisition Corp. Receives $20.6 Million Refinancing for Manhattan Retail Property

Article
December 1, 2022

Ashkenazy Refis Chatham Retail Condo on Upper East Side

Article
December 1, 2022