Long Island City hotel project moves forward with construction loan

Funding for Developer Teddy Li’s 240-key hotel comes from Madison Realty Capital

New York /
Nov.November 08, 2019 07:00 AM
Rendering of the Staybridge Suites at 38-59 11th Street

Rendering of the Staybridge Suites at 38-59 11th Street

A new hotel planned for Long Island City has landed a $46 million construction loan, according to sources familiar with the deal.

The 240-key project from developer Teddy Li will be a Staybridge Suites at 38-59 11th Street targeting extended-stay and corporate travelers. The hotel will span about 183,000 square feet and stand 24 stories tall. Construction is about 60 percent complete.

Marcus & Millichap brokers Gary Sefcik and Iona Liu brokered the financing from nonbank lender Madison Realty Capital. The deal included condo units and a medical office property in Flushing as additional collateral.

Li, who also has a hotel project at 88 Walker Street in Chinatown, is building the Long Island City hotel on an empty lot, and prolific architect Gene Kaufman is designing the project.

Li declined to comment on the project.

Long Island City is among the most popular outer borough neighborhood for hotel development. A 2017 analysis from The Real Deal found that developers had planned more than 40 projects in the area dating back to 2010.

 

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