Long Island City hotel project moves forward with construction loan
Long Island City is in the middle of a construction boom, and The Real Deal is reporting that developer Teddy Li has secured a $46 million loan from Madison Realty Capital to bring an extended-stay hotel to LIC. When complete, the Staybridge Suites will stand 24 stories tall and feature 240 hotel rooms targeting corporate travelers and extended stayers looking to take advantage of LIC’s direct commute route into the heart of Manhattan. MRC is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. The firm specializes in private debt funds and has extensive experience with bridge loans for projects already under construction; for example, this project was already 60 percent complete when MRC extended the loan.