Upcoming Queens Hotel Receives $44M Financing

The construction of the dual-branded Marriott Hotel broke ground in 2015, and will bring a total of 338 guestrooms to the borough’s Jamaica neighborhood.

Chris Xu’s United Construction and Development Group has received a $44 million financing for its upcoming Marriott Hotels in Queens. The non-recourse loan was funded by an affiliate of Latitude Real Estate Investors, with full-term interest-only payments and two one-year extension options, according to public records. Cushman & Wakefield acted as exclusive advisor to the borrower.

Construction on the project started in 2015, and the 15-story development is expected to come online in late 2017. The property will comprise two Marriott Corp. hotel-branded properties totaling 203,800 square feet: the 224-key Marriott Courtyard and the 114-key Fairfield Inn & Suites. Additionally, the asset will feature a 42-space parking garage…

Upcoming Queens Hotel Receives $44M Financing

Categories : Finance

Leave a Reply

You must be logged in to post a comment.