MSD Partners Provides $94M for Marriott and Residence Inn at JFK Airport
Soundview Real Estate Partners and Chartwell Hospitality have landed $94 million in financing for the Marriott and Residence Inn at John F. Kennedy Airport in Jamaica, Queens, Commercial Observer can first report.
MSD Partners provided the floating-rate, interest-only loan. Meridian Capital Group negotiated the transaction with a team led by Adam Hakim, James Murad and David Baker.
Located at 144-02 135th Avenue, the property consists of two new-construction hotels operating under the Marriott brand. The first hotel, a 182-key Residence Inn, has achieved a temporary certificate of occupancy and opened for business recently. The second hotel, a 360-key full-service Marriott, is over 90 percent complete and will be achieving a temporary certificate of occupancy in the second quarter of 2023, according to a release.
“The closing of this loan demonstrates continued demand from the lending community for quality hospitality products in strategic locations at a good basis,” Hakim said in a statement. “The sponsor has built the best limited and full-service hotel product in the JFK submarket and will be operating under the Marriott flag to maximize occupancy from their best-in-class reservations system.”
MSD Partners, Soundview Real Estate Partners and Chartwell Hospitality did not immediately respond to requests for comment.
Emily Fu can be reached at firstname.lastname@example.org.