The development team behind a new Rockaway hotel venture has secured a $32.5 million construction loan.
Warshaw Burstein represented the owner of The Rockaway Beach Hotel project in the transaction.
The ownership group include IGC Hospitality (owners of Parker & Quinn, Park Avenue Tavern, Refinery Rooftop) and the principals of Hero Beach Hotel in Montauk, among others. The project has been under construction for the past year.
Warshaw Burstein real estate artner Harvey I. Krasner arranged for first and second mortgages totaling $32,500,000.00 to finance completion of the project.
The project, which consists of The Rockaway Beach Hotel, an outdoor pool, event space, restaurant and stores, is expected to be completed and open for the summer 2020 season.
It is located on Rockaway Beach Boulevard and 108th Street, near the surfing and ferry locations.
The architect is Morris Adjami Architects.