Chartwell Hospitality Secures $48 Million Refinance Loan For Residence Inn At JFK Airport
142 30 135th Avenue
$48,000,000
$519/SF
Building Size
92,325 SF
Asset Type
Hotel
Closing
Feb 28, 2025
About this deal
AI
The property involved in the transaction is a hotel located at 142-30 135th Avenue in the Jamaica market. The asset type is a hotel with a total square footage of 92,325 and comprises 182 keys.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $48,000,000
- Lender: Joe Dyckman, Gabe Podair & Citi Bank
- Landlord: Chartwell Hospitality
- Brokers: Adam Hakim & James Murad - Ripco
- Loan Type: Refinance
The transaction was facilitated by RIPCO Real Estate's Debt & Structured Finance Group, which placed a permanent loan on the Residence Inn at JFK Airport. The team at RIPCO that led this placement had also arranged the previous construction and bridge financing loans for the property.
Players
Jamaica 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93