FINANCED
Derby Copeland Capital Provides $10.3M Loan For Flushing Hotel Acquisition
134-37 35th Avenue
Hotel
621 SF
621 SF
Financed 1 year ago
Summary
Loan
NEW YORK
Hotel
621 sqft
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.
Players
All
4
Agents
2
Agencies
1
Lenders
1
Details
FINANCED
IMAGE: Morris Betesh, George Xu & Omar Ferreira
DATE: 05/28/2021
ADDRESS: 134-37 35th Avenue
MARKET: Flushing, Queens
ASSET TYPE: Hotel
LENDER: Derby Copeland Capital
LANDLORD: @CenturyDevelopmentGroup
BROKERS: Morris Betesh & Omar Ferreira - Meridian Capital Group
LOAN AMOUNT: $10,300,000
NOTE FROM DERBY COPELAND CAPITAL: $10,300,000 first-priority mortgage loan secured by a 210-room @FourPoints by Sheraton Hotel spread across eight stories and 106,424 SF, a 75,921 SF 186-car parking garage located between the sub-cellar and the second floor of the property, nine retail condominium units totaling 10,870 SF located on the ground floor, and a 14,801 SF community facility space on the third floor of a newly completed mixed-use development project located at 134-37 35th Avenue in Flushing, Queens. Derby Copeland closed the deal in less than one week from term sheet execution.
Derby Copeland Capital is a New York City based private equity firm that specializes in opportunistic real estate related debt financing and equity investments. Please send any mezzanine loan, construction loan, bridge loan, and preferred equity opportunities to [email protected].View on map
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Address134-37 35th Avenue
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