United Construction & Development Group Secures $31.1M Refinancing Loan For SpringHill Suites New York LaGuardia Airport
112-15 Northern Boulevard
$31,100,000
Building Size
—
Asset Type
Hotel
Closing
Oct 16, 2023
AI
United Construction & Development Group, represented by Hbc Corona LLC, has secured a $31.1 million refinancing loan from State Bank of Texas for the 72-unit SpringHill Suites New York LaGuardia Airport located at 112-15 Northern Boulevard in North Corona, Queens. The hotel, situated in the bustling market of North Corona, offers convenient access to the nearby LaGuardia Airport.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $31,100,000
- Lender: Sushil Patel - State Bank of Texas
- Landlord: Chris Jiashu Xu - United Construction & Development Group
- Loan Type: Refinance
- Market: North Corona, Queens
- Date: 10/16/2023
- Address: 112-15 Northern Boulevard - SpringHill Suites New York LaGuardia Airport
The lender for this transaction is Sushil Patel from State Bank of Texas, while the landlord is Chris Jiashu Xu from United Construction & Development Group. This financing deal allows United Construction & Development Group to optimize its financial operations for the SpringHill Suites property.
Players
Corona Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93