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LIC’s Z Hotel Lands $38M Mortgage
Merchants Hospitality obtained a new $38-million mortgage for its Z Hotel in Long Island City. The mortgage was financed by Taconic Capital Advisors.
The new financing replaces the construction financing that Merchants utilized to completely renovate the 100-key hotel and retail spaces over the past 12 months.
The company acquired the Z Hotel, which was developed by the late Henry Zilberman, from Zilberman’s estate for $43 million in July 2018, according to the New York Post. It then transformed an adjacent garage into space for retail and other uses.
Merchants Hospitality was advised on the mortgage financing transaction by Robert Verrone, Chris Herron and Kevin Thomson of Iron Hound Management.
The property includes 45,000 square feet of retail, office, food & beverage and amenity space. NKF’s Jeff Roseman and Robert Kaplan are marketing the balance of the retail space.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
