Section 1: The situation
Situated less than a mile from 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.
Section 2: The solution
Led by Vice President 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.
Section 3: 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