ValueXpress Obtains $5.15-Million Commitment for the Purchase of an Independent Limited Service Hotel in Long Island City, NY

ValueXpress obtained a $5.15-million first-mortgage loan commitment from its New York banking partner, Country Bank, for the purchase of an independent limited service hotel in the Long Island City section of Queens, NY.

The property is a 3-story, interior corridor, 78-room, limited service, non-franchised hotel constructed in 2001.  The hotel is located 5 miles from LaGuardia Airport and 13 miles from John F. Kennedy International Airport in the heart of New York’s Long Island City.  The property is minutes from Manhattan, across the Queensboro Bridge, providing access to Midtown Manhattan’s many attractions (including Grand Central, Bryant Park and Times Square).  Citicorp Field and other New York City (NYC) destinations can be accessed by the NYC subway system located a few short blocks from the hotel.

“This deal follows a transaction that we closed about one month ago for this sponsor,” said Michael D. Sneden, Executive Vice President at ValueXpress.  “The sponsor was impressed with the speed, efficiency and knowledge ValueXpress staff brought to the transaction.  The prior deal had a critical time element and the sponsor had great financial exposure if the deal did not close.  But it did, and on schedule,” said Sneden.

The new deal is similar.  To secure the purchase, the sponsor has remitted a large contract deposit and the transaction is time critical.  ValueXpress expects the transaction to close in 30 days, start to finish, meeting the needs of the client.

This entry was posted in Commercial Lending, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, Valuexpress and tagged , , , , . Bookmark the permalink.

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