Chartwell Hospitality Secures Refinancing for JFK Airport Residence Inn
Chartwell Hospitality, in collaboration with Soundview Real Estate Partners, has successfully finalized a refinancing agreement for its extended-stay hotel located in proximity to John F. Kennedy Airport. The refinancing, a substantial $48 million loan arranged through Citibank, aims to consolidate existing development debt associated with the Residence Inn New York JFK Airport.
Property Overview
The Residence Inn, situated at 142-30 135th Avenue in South Ozone Park, Queens, encompasses 182 rooms and spans 300,000 square feet across twelve stories. Designed by Gene Kaufman Architect, the hotel was completed in 2020 to cater to a growing demand for longer-stay accommodations, featuring larger rooms equipped with kitchenettes and common areas.
Investment Motivation
According to James Murad of Ripco Real Estate, who facilitated the financing negotiations alongside Adam Hakim, this refinancing positions Chartwell and its investors for sustained growth in a key area benefiting from increasing demand near JFK International Airport. Murad stated, “The growing demand in the JFK market makes this a strong investment opportunity.”
Debt Consolidation Details
The refinancing serves to streamline the financial commitments incurred during the property’s construction, originally funded by a construction loan amounting to $54.8 million from Bank OZK back in September 2018. The new loan from Citibank is strategically aimed at ensuring smoother operational financing moving forward.
Additional Insights
While Citibank’s representatives, including Joseph Dyckman and Gabe Podair, were involved in the negotiations, they opted not to provide a comment on the transaction. Attempts to reach Soundview Real Estate Partners for further information went unanswered.
For inquiries or further details, readers can reach out to Mark Hallum at mh*****@co****************.com.
