United Construction & Development Group Refinances Jamaica Hotel With $52.2M Loan
148-22 Archer Avenue
$52,200,000
Building Size
—
Asset Type
Hotel
Closing
Apr 8, 2024
AI
The hotel property located at 148-22 Archer Avenue in Jamaica, Queens has undergone a refinancing deal with State Bank of Texas. The loan amount for this transaction was $52,200,000, with the Landlord being Chris Jiashu Xu from United Construction & Development Group.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $52,200,000
- Address: 148-22 Archer Avenue
- Market: Jamaica, Queens
- Lender: Melody Collins - State Bank of Texas
- Landlord: Chris Jiashu Xu - United Construction & Development Group
Archer Ave Realty De, LLC represented the United Construction & Development Group in securing the $52.2 million refinancing deal with the State Bank of Texas for the hotel property at 148-22 Archer Avenue in Jamaica, Queens.
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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93