Citi Closes $100M CMBS Loan for Marriott New York JFK Airport Hotel

Chartwell Hospitality has landed $100 million of permanent financing for its Marriott New York JFK Airport Hotel, Commercial Observer has learned.

Citigroup originated the five-year, interest-only commercial mortgage-backed securities (CMBS) loan for the newly completed, 362-room hotel at 135-25 142nd Street in Jamaica, Queens. Loan proceeds will pay off existing debt, cover closing costs and fund enhancements to the property.

Ripco Real Estate arranged the transaction with a team led by Adam Hakim and James Murad. Citi’s Joseph Dyckman and Gabe Podair negotiated the deal on behalf of the lender.

“This transaction reflects the depth of lender confidence in both the asset and Chartwell’s execution,” Murad said in a statement. “The Marriott is uniquely positioned to capture consistent demand from travelers, airline crews and corporate clients. 

Chartwell Hospitality also secured a $48 million loan from Citigroup last month to refinance the 182-room Residence Inn New York JFK Airport property at 142-30 135th Avenue in Jamaica. The Residence Inn hotel is also under the Marriott brand. 

Officials at Citigroup and Chartwell Hospitality did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com