NEW YORK, Feb. 25, 2019 /PRNewswire/ -- CapStack Partners has arranged a $19 million mortgage for the Ravel Hotel in Long Island City, New York.
CapStack's investment banking group worked on behalf of the borrower to place the 10-year fixed-rate loan. Loan proceeds were used to refinance construction costs and the prior mortgage that was previously 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. The lender immediately recognized this and we were able to negotiate loan terms that surpassed our client's expectations," said David Blatt, CEO of CapStack Partners.
Located at 8-08 Queens Plaza in Long Island City, the Ravel Hotel is a boutique hotel property that is part of Wyndham's Trademark Collection. The hospitality asset offers 113 generously-sized hotel rooms and breathtaking skyline views of Manhattan from across the East River. The Ravel also includes 17,000 square feet of event space, a redesigned rooftop restaurant, and a newly-opened pool club and outdoor beer garden.
The property is situated in Long Island City, one of the fastest growing neighborhoods in New York City. The area has seen a number of residential, commercial and hospitality developments over the last number of years, which has solidified Long Island City as a live-work-play destination all its own.
CapStack Partners is an investment bank and investment adviser specializing in the real estate, hospitality, infrastructure, and energy industries. Founded and led by capital markets expert and international public speaker, David Blatt, the firm provides a full range of investment banking services including project financing, private placements, mergers and acquisitions, loan syndications, workouts and dispositions, and strategic advisory. In addition, CapStack provides managed account solutions for those seeking investment opportunities in the alternatives space. For more information about CapStack, please visit www.capstackpartners.com.