New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Outer  + Hospitality  | 

Dual-Branded Marriott Gets $58M Takeout Financing

Meridian Capital Group arranged $58.5 million in financing to take out a construction loan on a dual-branded Marriott Courtyard and Fairfield Inn in the Jamaica section of Queens.

The 37-month loan, provided by a debt fund, features two extension options and 18 months of interest-only payments followed by a 25-year amortization schedule. This transaction was negotiated by Meridian senior managing director Morris Betesh and VP Omar Ferreira, both based in the company’s New York City headquarters.

Located at 148-22 Archer Ave. in Jamaica, the 15-story property will span 203,000 square feet and feature 338 keys when complete, with the Marriott Courtyard containing 224 keys and the Fairfield Inn consisting of 114 keys. It will be the first Marriott within walking distance of Jamaica Center.

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Connect With Meridian’s BeteshConnect With Meridian’s Ferreira

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development