Photo via Orbitz

Magna Hospitality lands $33.6M loan for Hampton Inn near JFK Airport

Magna Hospitality has secured a $33.6 million loan for a Hampton Inn near JFK Airport, according to city records.

Photo via Orbitz

Photo via Orbitz

The new mortgage replaces a $21 million loan from JP Morgan Chase. Western Alliance Bank is the lender in the transaction.

The property, located at 144-10 135th Avenue, is a 13-story, 216-key hotel in Jamaica, Queens. It was built in 2001 and was previously owned by Pennsylvania firm Field Hotel Associates. Magna acquired the 115,000 s/f property for $41.4 million in 2014.

Magna Hospitality is a Warwick, Rhode Island firm that focuses on boutique hotels. The firm’s portfolio covers 20 hotels with over 4,500 rooms. It is currently building a 29-story, 250-key hotel 6 Water Street in the Financial District. Last August, it also sold the DoubleTree by Hilton New York in Times Square for $106 million. The 244-key property was acquired by Singaporean firm Ascott Residence Trust.

 

 

 

Comments are closed

COPYRIGHT 2015 REAL ESTATE WEEKLY. ALL RIGHTS RESERVED.