Ernest DesRochers arranged $68.5 million refinancing for the New York Hilton at JFK Airport

NEW YORK (December 9, 2013) – Ernest DesRochers, senior vice president/managing director of NorthMarq’s New York City-based regional office arranged refinancing of $68.5 million for the New York Hilton Hotel at JFK Airport, a 356-room hotel located at 144-02 135th Avenue, Jamaica, N.Y. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a RBS Global Securities. The hotel was originally built in 1987 and was formerly a Holiday Inn. The property underwent an extensive Hilton branded Property Improvement Program in 2011 and 2012 for the purpose of converting it to a full service Hilton Hotel. “The JFK Hilton has become the consistent market leader in its segment since the PIP completion in mid-2012,” said DesRochers.