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Meridian Capital Arranges $13M Construction Loan for New Marriott Towne Suites in Long Island City

Meridian Capital Arranges $13M Construction Loan for New Marriott Towne Suites in Long Island City

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Upon completion, the Marriott Towne Suites will bring 133 extended-stay guest rooms to Long Island City.

NEW YORK CITY — Meridian Capital Group has arranged $13 million in ground-up construction financing for the development of the Marriott Towne Suites hotel located at 38-42 11th St. in Long Island City. The two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. Midtown Properties, the borrower, is developing the 10-story extended-stay hotel that will feature 133 guest rooms. Eli Finkel and Michael Ryback of Meridian Capital arranged the financing.