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Boutique Wyndham Property in LIC Books $19M Mortgage
CapStack Partners has arranged a $19-million mortgage for the Ravel Hotel in Long Island City. The 113-key boutique property at 8-08 Queens Plaza is part of Wyndham’s Trademark Collection.
“The developer recently completed the hotel’s expansion—doubling the room count, creating a 900-person event space and adding more food and beverage offerings,” said CapStack CEO David Blatt.
He added that the CapStack team “successfully highlighted the uniqueness and value of this property, especially when compared to other hotels in the submarket. The lender immediately recognized this, and we were able to negotiate loan terms that surpassed our client’s expectations.”
CapStack’s investment banking group worked on behalf of the borrower to place the 10-year fixed-rate loan. Loan proceeds were used to refinance construction costs and the prior mortgage that was previously arranged by CapStack.
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- ◦Financing
