Construction on a hotel that’s meant to be built in Long Island City has acquired $46 million in funding.
Marcus & Millichap Capital Corp. (MMCC) arranged for the funding for a Staybridge Suites, located at 38-61 11th St. The hotel, which is a part of the Intercontinental Hotel Group’s extended stay brand, will be 180,000 square feet and be 24 stories high, consisting of 240 rooms, a community facility and 109 parking spaces.
The hotel will be near seven subway lines that are located one stop away from Midtown.
Financing for the project was spearheaded by Gary Sefcik, Iona Liu, Dan Lisser and Rick Lechtman, of the firm’s Manhattan office, for New York real estate developer Teddy Li.
“Construction lenders have become selective on which hotel projects to back at this stage of the cycle,” said Sefcik. “Long Island City has amongst the longest hotel stay nights of any neighborhood in New York City, while the submarket has a limited supply of extended stay hotels. In fact, the current submarket RevPar leader is an extended stay hotel. We utilized a private lender with the sophistication to understand the dynamics of this particular market, and with the capability of supporting the developer in delivering the project within its rapid timeframe.”
