$44M Acquisition Financing for Half-Finished Hotels

Chris Xu, founder and president of United Construction and Development Group, borrowed $44 million to buy a dual-branded Marriott Hotel located at 148-18 Archer Avenue in Jamaica, Queens.

“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 Morris Betesh, who until recently was managing director for Cushman & Wakefield, which arranged the financing. Betesh is now senior managing director at Meridian Capital Group.

The 15-story tower is now under construction, and won’t be finished unit late 2017, when 148-18 Archer Ave. is scheduled to open with two different Marriott Corporation hotel brands – a 224-key Marriott Courtyard and 114-key Fairfield Inn & Suites. The building will also include a 42-space underground parking garage.

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