Blackstone, Starwood sign $18.9M refi for Extended Stay hotel in College Point

Blackstone Group and Starwood Capital Group through the entity ESA P Portfolio L.L.C. as borrower signed a refi loan with lender Citi Real Estate Funding, JPMorgan Chase, and Deutsche Bank valued at $18.9 million for the hotel (HS) at 18-30 Whitestone Expy in College Point, Queens.
The deal closed on June 16, 2021 and was recorded on July 8, 2021.
The property has 52,172 square feet of built space and 37,933 square feet of additional air rights for a total buildable of 90,317 square feet according to PincusCo analysis of city data. The loan price per built square foot is $361 and the price per buildable square foot is $209 per the PincusCo analysis.

The signatory for Blackstone Group and Starwood Capital Group was Brian Kaufman.
(401109359) Plans for a 117-unit, 0 square-foot J-1 were filed on June 8, 2000 and were permitted on May 8, 2001.
This is debt on the Extended Stay America portfolio Blackstone and Starwood acquired. Brian Kaufman is managing director of Blackstone Group.
The owners according to the Department of Housing Preservation and Development includes Bruce Haase, head officer and William Hashe, officer. The business entities are Esa P Portfolio Operating Lessee Llc and Esa P Portfolio Llc.
Within a 400-foot radius of 18-30 Whitestone Expy, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Jetro Cash and Carry Enterprises and New York City Industrial Development Agency borrowed $40.0 million from CTL Lending Group secured by the 174,003-square-foot, two-unit office building (O5) on Whitestone Expressway on May 14, 2021.

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