Fantini & Gorga has arranged a $15,000,000 construction/permanent loan for a 150 room Hampton Inn in Yonkers, NY. The loan was placed with a New York based regional bank.
The hotel is being constructed on a seven acre site that the borrower, a very experienced New York based developer, has owned for several years. The property is located 18 miles north of midtown Manhattan with easy access to major highways and rail transportation into New York City. Several medical facilities and colleges are in the immediate surrounding area, and these will generate weekday room demand, while the hotel's easy access into the city will be attractive to cost conscious travelers on the weekends and holidays.
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FHA Insured Loan