Marx Development signs $42.8M refi with Fundamental Advisors for hotel near LaGuardia

Marx Development Group through the entity LGA Hospitality LLC as borrower signed a refi loan with lender Fundamental Advisors through the entity Fundamental Partners IV L.P. valued at $42.8 million for the hotel (H8) at 112-24 Astoria Boulevard in North Corona, Queens, near LaGuardia Airport.
The deal closed on October 5, 2021 and was recorded on October 18, 2021.
The property has 87,661 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $487 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 30, 2014, for $5.6 million.
The signatory for Marx Development Group was David E. Marx.
(420605777) Plans for a 126-unit, 48,401 square-foot hotel R-1 were filed on January 9, 2013 and were permitted on August 22, 2019.
David E. Marx is the owner and CEO of Marx Development Group.

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