Johnson Capital, a national real estate investment company, has arranged $16 million in financing for the 128-room Wyndham Garden Hotel in Long Island City, Queens. The seven-story hotel opened in May 2012.
The debt, which was provided by a CMBS lender, is being used to refinance an existing three-year bridge loan for $9.5 million that was also placed by Johnson Capital in October 2012.
Since opening, the hotel has performed very strongly, reports Real Estate Weekly, achieving market-level occupancy and room rates.
The new loan is non-recourse with a fixed interest rate and a 27-year amortization schedule over the ten-year term.
Commenting on the debt placement, Daniel Lisser, a principal at Johnson Capital said, “We were able to find a lender that was able understand the strength of the market and the intrinsic value of the property.”