A $10,300,000 first-priority mortgage loan has been secured for the property located at 134-37 35th Avenue in Flushing, Queens. The property is a 210-room hotel spread across eight stories and 106,424 square feet. It also includes a 75,921 square foot parking garage located between the sub-cellar and the second floor, nine retail condominium units totaling 10,870 square feet on the ground floor, and a 14,801 square foot community facility space on the third floor. The loan was closed by Derby Copeland Capital in less than one week from term sheet execution.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $10,300,000
• Address: 134-37 35th Avenue
• Market: Flushing, Queens

The loan for this property was provided by Derby Copeland Capital, a New York City based private equity firm specializing in real estate related debt financing and equity investments. The landlord of the property is Century Development Group. The brokers involved in the deal were Morris Betesh and Omar Ferreira from Meridian Capital Group.