Cushman & Wakefield Arranges $44M in Acquisition Financing for Dual-Branded Marriott Hotel in Queens

NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Chris Xu, founder and president of United Construction and Development Group, in arranging $44 million in financing for the acquisition of an under construction dual-branded Marriott hotel located at 148-18 Archer Ave. in the Jamaica neighborhood of Queens. Morris Betesh and Omar Ferreira, both formerly of Cushman & Wakefield, secured the non-recourse loan, which features full-term interest-only payments and two one-year extension options, for the borrower. Slated for completion in late 2017, the property will be a 15-story, 203,800-square-foot building consisting of a Marriott Courtyard and Fairfield Inn & Suites. The Marriot Courtyard will feature 224 rooms, while the Fairfield Inn & Suites will offer 114 room. Additionally, the building will provide a 42-space underground parking garage. Betesh is now at Meridian Capital Group.