May 16, 2019 Comments Off on Dual-Branded Marriott Gets $58M Takeout Financing Views: 167 New York News, Outer Boroughs New York

Dual-Branded Marriott Gets $58M Takeout Financing

Meridian Capital Group arranged $58.5 million in financing to take out a construction loan on a dual-branded Marriott Courtyard and Fairfield Inn in the Jamaica section of Queens.

The 37-month loan, provided by a debt fund, features two extension options and 18 months of interest-only payments followed by a 25-year amortization schedule. This transaction was negotiated by Meridian senior managing director Morris Betesh and VP Omar Ferreira, both based in the company’s New York City headquarters.

Located at 148-22 Archer Ave. in Jamaica, the 15-story property will span 203,000 square feet and feature 338 keys when complete, with the Marriott Courtyard containing 224 keys and the Fairfield Inn consisting of 114 keys. It will be the first Marriott within walking distance of Jamaica Center.

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