Loan allows borrower to complete buildout of 240-room hotel located at 38-59 11th Street in Queens
Madison Realty Capital (MRC) provided a $46 million construction loanto finalize a new 240-key hotel located ona development site at 38-59 11th Street in Long Island City.
The building is well under construction, and the funding MRC providedwill allow the borrower, prominent developer Teddy Li, to finish the project. As part of the loan, MRC secured additionalpieces of collateral that the borrower pledged,including a medical facility in Flushing and additional condo units.
Upon completion, the property will be a brand new Staybridge Suites hotel, which will span 190,000 square feet and stand 24 stories tall. The development, which will also include a 25,000-square-foot community facility, was designed by renowned architect Gene Kaufman.
Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
“This transaction allowed MRC to finance the completion of a premium hotel in the high-demand Long Island City region,” notes Zegen. “With its flexible zoning regulations and close proximity to Manhattan, Long Island City remains one of the most popular neighborhoods in New York City for hospitality product and we expect this project to be well-received when it hits the market.”
Teddy Li is a prolific local developer who has previously completed many hotel developments and owns and manages numerous properties in the NYC area.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on debt and equity investment strategies. Founded in 2004, MRC has closed on approximately $11 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
