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Vorea Group Secures $38.9M Refinance Loan From ACRES Capital For Long Island City Hotel
FINANCED
$38,900,000
New York
See Similar DealsHotel64,387 SF
Financed 07/15/2025
FINANCED
Vorea Group Secures $38.9M Refinance Loan From ACRES Capital For Long Island City Hotel
23 20 Jackson Avenue
See Similar DealsHotel64,387 SF
Financed 07/15/2025
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$604
Total Square Footage:64,387 SF
Transaction Type:Loan
The asset involved in the transaction is a hotel located at 23-20 Jackson Avenue in Long Island City, Queens. It has a total square footage of 64,387. The loan amount secured for this property is $38,900,000, categorized as a refinance loan.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $38,900,000
- Lender: ACRES Capital
- Landlord: Peter Papamichael - Vorea Group
- Market: Long Island City, Queens
- Asset Square Footage: 64,387
VOREA Group, through its entity Vorea Jackson LLC, facilitated the refinance deal with ACRES Capital for the aforementioned hotel property. Key involvement in this transaction includes Peter Papamichael representing Vorea Group as the landlord.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,900,000.00
Monthly NOI$259,333.33
Monthly Debt Service$245,874.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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