Chartwell Hospitality Closes on $48M Refi for Residence Inn Near JFK Airport
By Mark Hallum March 7, 2025 3:36 pm
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Chartwell Hospitality locked in a refinancing for an extended stay hotel near John F. Kennedy Airport, according to Ripco Real Estate.
The developer and its partners, Soundview Real Estate Partners, completed the 182-room Residence Inn New York JFK Airport at 142-30 135th Avenue in 2020, and the $48 million loan from Citibank will consolidate the debt that was taken during its development. The Residence Inn hotel operates under the Marriott corporate umbrella.
“This financing enables Chartwell Hospitality and its investors to position the property for continued growth and success in one of the most strategic locations near John F. Kennedy International Airport,” Ripco’s James Murad, who negotiated the debt on behalf of the borrower with Adam Hakim, said in a statement. “The growing demand in the JFK market makes this a strong investment opportunity.”
CitiBank’s Joseph Dyckman and Gabe Podair handled negotiations for CitiBank but declined to comment. The Stamford, Conn.-based Soundview could not be reached.
The original construction loan on the property was for $54.8 million, which was provided by Bank OZK in September 2018, according to property records.
Chartwell Hospitality wrapped construction on the building, located in South Ozone Park, Queens, in 2020 with designs by Gene Kaufman Architect. It spans 12 stories across 300,000 square feet, according to New York YIMBY.
The Residence Inn hotel features larger rooms with kitchenettes and common areas to facilitate longer stays for guests.
Mark Hallum can be reached at mhallum@commercialobserver.com.
