Northmarq’s New York Debt + Equity team arranges $28.75 million refinance of The Rockaway Hotel
ROCKAWAY PARK, N.Y. (Jan. 9, 2025) — Northmarq’s New York Debt + Equity team of Eli Levenfeld and Bob Bernard arranged the $28.75 million external refinance of The Rockaway Hotel, a 61-room boutique hotel located at 108-10 Rockaway Beach Blvd in Rockaway Park, New York.
Northmarq arranged financing on behalf of the borrower, Rockaway Hotel Owner LLC, through a correspondent relationship with a CMBS lender. The transaction was structured on a five-year term.
“We leveraged our expertise in hotel capital markets to secure a CMBS lender offering maximum leverage at competitive terms, enabling us to refinance the existing bridge loan,” said Levenfeld and Bernard.
Nestled in Rockaway Beach, The Rockaway Hotel offers a perfect getaway blend of city and ocean experiences. Panoramic views integrate sea and sand with the New York City skyline. The boutique hotel offers a serene space with a diverse selection of rooms, suites, bungalows and bunks. Additionally, the hotel boasts a 400-person event space and three food service venues: Maggie’s, The Rooftop and Pool House.
The Rockaway Hotel features a pool, spa, meeting space and a wedding venue. It is steps away from the Atlantic Ocean, roughly 27 miles from Manhattan and 10 miles from JFK International Airport.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
