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.”
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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.
