Vorea Group Secures $38.9M Refinance Loan From ACRES Capital For Long Island City Hotel

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.