Radisson Hotel at JFK Airport

  • Location

    Jamaica, NY

  • Asset Class

    Hospitality

  • Year Built

    1969

  • Units

    385

  • Purpose

    Refinancing

  • Fund Source

    Local Bank

  • Amount

    39,000,000

  • Financing

    Closed   3/29/2019

Radisson Hotel at JFK Airport

The Situation

Situated less than a mile John F. Kennedy International Airport, the busiest international air gateway into North America, our client Amaya Hospitality was looking to finance a loan with flexible terms, while navigating its various complexities.

The Solution

Led by Jacob Cohen, our team identified a local bank as the perfect lender and structured a seven-year, fixed rate loan with flexible prepayment terms. Our team played an integral role in the transaction, effectively underwriting and marketing the property, which participates in a temporary housing assistance program with the Department of Housing Services and local non-profit, Samaritan Daytop Village. The guests are housed in three designated floors and are limited to the organization’s female participants.

The Results

“When we were tasked with sourcing financing with flexible prepayment terms for a foreign sponsor and a complex property, we knew we would need to look outside the CMBS market. Thanks to the hotel’s excellent location and performance, we located a bank that was a perfect fit for the borrower’s long-term needs and business goals.” – Rob Quarton