Meridian Arranges $94M Financing for Marriott Duo at JFK Airport
Meridian Capital Group arranged $94 million in financing for the Marriott & Residence Inn at JFK Airport in Jamaica, Queens on behalf of 135th Avenue JFK Property LLC.
MSD Partners, L.P. provided the floating rate, interest-only loan. The transaction was negotiated by Meridian senior managing Director Adam Hakim, managing director James Murad and senior associate David Baker.
Located at 144-02 135th Ave., the property consists of two new-construction hotels operating under the Marriott Franchise brand. The first hotel, a 182-key Residence Inn, recently opened for business. The second hotel, a 360-key full-service Marriott, is more than 90% complete.
“The closing of this loan demonstrates continued demand from the lending community for quality hospitality products in strategic locations at a good basis,” said Hakim. “MSD was the perfect lender for this deal and provided the flexibility needed to come into the transaction before construction has been finalized.”
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 GlobeSt.com 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).