$16M LIC hotel pre-foreclosure

A securitized lender entity filed to foreclose on a $16 million loan provided in 2013 to the owners of a 129-key hotel at 44-29 9th Street in Long Island City, operated at the Wyndham Garden Inn Long Island City.

The developers bought the parcel in 2008 for $6.5 million and then filed plans in 2009 to build the seven-story, 41,273-square-foot hotel. It was given its first initial temporary certificate of occupancy in 2012. The developer identified on Department of Buildings records was Keung Kwong Mok, and the individual who signed the loan documents was Xiao Dong Zhao. Both were identified in the suit as guarantors.

In 2013 Starwood Mortgage Capital provided the $16 million loan, and a few months later in 2014 the loan was securitized as the GS Mortgage Securities Corporation II Series 2014-GC18.

Court filings are the positions of one party and are not necessarily accurate or complete.

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