Meridian Capital Group arranged $94 million in financing for the Marriott & Residence Inn at JFK Airport in Jamaica, Queens on behalf of 135th Avenue JFK Property LLC.
MSD Partners, L.P. provided the floating rate, interest-only loan. The transaction was negotiated by Meridian senior managing Director Adam Hakim, managing director James Murad and senior associate David Baker.
Located at 144-02 135th Ave., the property consists of two new-construction hotels operating under the Marriott Franchise brand. The first hotel, a 182-key Residence Inn, recently opened for business. The second hotel, a 360-key full-service Marriott, is more than 90% complete.
“The closing of this loan demonstrates continued demand from the lending community for quality hospitality products in strategic locations at a good basis,” said Hakim. “MSD was the perfect lender for this deal and provided the flexibility needed to come into the transaction before construction has been finalized.”