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Century Development Group Secures $41M Refi for Queens Sheraton
Century Development Group has landed $40.5 million refinance for the Four Points by Sheraton Flushing Hotel in Queens, NY.
Located at 33-68 Farrington Street, the Four Points by Sheraton Hotel is a newly constructed property with 210 keys, 11 commercial spaces, and 299 parking spots, offering access to transportation hubs, airports, and local attractions.
The loan was negotiated by Meridian Capital Group with a team led by Morris Betesh and Omar Ferreira. “The sponsor has done a phenomenal job developing this hospitality and commercial asset, which opened for business during the depths of COVID in August 2021 Flagged by Marriott’s Four Points brand, the property has quickly established itself as among the best performing hospitality assets in the submarket, with strong RevPar growth since opening,” said Betesh.
- ◦Financing
