CapStack Partners has arranged a $19 million mortgage for The Ravel Hotel in Long Island City.
The 10-year fixed-rate loan will be used to refinance construction costs and the prior mortgage that was previously arranged by CapStack.
“The developer recently completed the hotel’s expansion — doubling the room count, creating a 900-person event space, and adding more food & beverage offerings. CapStack’s 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,” said David Blatt, CEO of CapStack Partners.
Located at 8-08 Queens Plaza in Long Island City, The Ravel Hotel is a lifestyle hotel property that is part of Wyndham’s Trademark Collection.
The hospitality asset offers 113 hotel rooms and skyline views of Manhattan from across the East River. The Ravel also includes 17,000 s/f of event space.