Madison Realty Capital Lends $46M to Complete LIC Hotel
As part of the loan, longtime New York City developer, and borrower Teddy Li put up assets for collateral.
NEW YORK CITY – Madison Realty Capital, a New York City-based private equity firm and lender, issued a $46 million construction loan to complete a Long Island City hotel on a development site located at 38-59 11th Street. The 240-key hotel is currently deep into construction and needed the new capital to finalize the product.
“This transaction allowed MRC to finance the completion of a premium hotel in the high-demand Long Island City region,” said Josh Zegen of Madison Realty Capital in a prepared statement. “With its flexible zoning regulations and close proximity to Manhattan, Long Island City remains one of the most popular neighborhoods in New York City for hospitality product and we expect this project to be well-received when it hits the market.”
As part of the loan, longtime New York City developer, and borrower Teddy Li put up assets of collateral, which includes a medical facility in Flushing, Queens and condo units. Upon completion, the property dubbed the Staybridge Suites hotel, will span 190,000 square feet and stand 24 stories tall. The development also includes a 25,000-square-foot community facility, that renowned architect Gene Kaufman designed.