Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to Chris Xu, founder, and president of United Construction and Development Group, in arranging $44 million in acquisition financing secured for a dual-branded Marriott Hotel located at 148-18 Archer Avenue in Jamaica, Queens. The non-recourse loan has full-term interest-only payments, and two one-year extension options.
Former Cushman and Wakefield Managing Director, Morris Betesh, and former Cushman and Wakefield Director, Omar Ferreira, represented the borrower, Chris Xu of United Construction and Development Group, in the transaction.
“By highlighting the client’s strong track record in development, construction, and hotel management to lenders, we were able to negotiate a favorable loan structure and competitive terms despite the tight hotel lending environment,” said Mr. Betesh, who is now a Senior Managing Director at Meridian Capital Group.
Expected to be completed in late 2017, 148-18 Archer Avenue will be a 15-story, 203,800 square foot building consisting of two different Marriot Corporation hotel brands - Marriott Courtyard and Fairfield Inn & Suites. The Marriott Courtyard part of the building will encompass 224 rooms, while Fairfield Inn & Suites will offer 114 rooms. The building will also provide a 42-space underground parking garage.
The property, located in the heart of downtown Jamaica and situated adjacent to a large mixed-use development, currently under construction, will be the first Marriott flagged hotel serviced by the AirTran. In close proximity to John F. Kennedy International Airport and LaGuardia Airport, 148-18 Archer Ave is within walking distance from the Air Train, Long Island Railroad, and the E, J and Z subway lines.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
