The Ravel Hotel, 8-08 Queens Plaza South, Long Island City, Queens
NEW YORK CITY—Ravi Patel refinanced the Ravel Hotel in Long Island City, Queens. A conduit 5-year fixed-rate loan was replaced with a 10-year fixed-rate loan for $19 million provided by Starwood. CapStack Partners' investment banking group represented the borrower in negotiating the deal.
The loan was used to refinance construction costs and to replace the prior mortgage that was previously also 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,” says David Blatt, CEO of CapStack Partners. “The lender immediately recognized this and we were able to negotiate loan terms that surpassed our client's expectations.”
Located at 8-08 Queens Plaza South, the Ravel Hotel is part of Wyndham's Trademark Collection. It offers 113 generously sized rooms with views of Manhattan from across the East River. It has 17,000 square feet of event space, a redesigned rooftop restaurant, and a newly opened pool club and outdoor beer garden.
CapStack notes that Long Island City, Queens has been one of the fastest growing neighborhoods in New York City, with residential, commercial and hospitality developments.
Patel is also the owner of the Hotel Chantelle, a three-floor restaurant, nightclub and event space in the Lower East Side and the Regal in Williamsburg, Brooklyn, which has closed.
Join the 17th Annual GlobeSt Net Lease Conference (formerly a RealShare event) on April 3 & 4 in New York City alongside the industry's most influential and knowledgeable real estate executives from the net lease sector. Click here to register and view the agenda.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
