Investment Sales | Berko & Associates Procures Construction Financing for Hotel Conversion

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Korine and Berko of Berko & Associates finance the conversion of an existing factory building into a chioc new hotel in Long Island City, Queens, NY.

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Managing Director of Finance & Capital Markets, Michael Korine, along with President Joe Berko, have procured $16.75mm financing for the conversion of an 81,000 SF factory building into a luxury hostel in the growing Long Island City market. The developer plans to convert the asset in to a high-end hostel with 126 rooms comprised of 786 dorm beds, 26 private rooms, 6 rooftop suites, a restaurant and cafe, conference rooms, gym, roof and sun decks, green desks, office cubicals, and a state-of-the-art recording studio. Korine said of the transaction, “This was a very exciting financing, given its trailblazing impact that will no doubt change the map of hospitality in Long Island City. We were able to secure acquisition and construction financing to propel this visionary and trendsetting project into reality, during a period of selective availability of debt capital for hospitality projects in general.”

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