Chartwell Hospitality has successfully arranged a refinancing deal worth $48 million for its extended stay hotel, the Residence Inn New York JFK Airport, located in close proximity to John F. Kennedy International Airport. This significant financial move was facilitated by Ripco Real Estate.

About the Residence Inn

The Residence Inn, which opened its doors in 2020, features 182 rooms designed specifically for extended stays. The hotel is situated at 142-30 135th Avenue in South Ozone Park, Queens, spanning 12 stories and covering 300,000 square feet. Designed by Gene Kaufman Architect, this property operates under the Marriott brand, providing guests with larger rooms equipped with kitchenettes.

Refinancing Overview

This refinancing not only consolidates the original construction debt of $54.8 million incurred from a loan provided by Bank OZK in 2018 but also positions Chartwell and its investors for future growth in the high-demand market surrounding JFK Airport. James Murad from Ripco Real Estate, who served as the negotiating agent, remarked on the opportunity, stating, “This financing enables Chartwell Hospitality and its investors to position the property for continued growth and success in one of the most strategic locations near John F. Kennedy International Airport.”

Insights from the Negotiation Team

Representing CitiBank during the negotiations, Joseph Dyckman and Gabe Podair chose not to provide additional comments regarding the deal. However, the anticipated growth trajectory for the JFK area suggests a robust investment potential.