AJ Capital Partners and Cornell University have started construction on the Graduate Roosevelt Island at the Cornell Tech campus, according to a report in Hotel Management.
The 18-story hotel is designed by architectural firm Snohetta. The property will include a full-service restaurant, indoor-outdoor rooftop bar with views of Manhattan and 3,000 sq. ft. of meeting and event facilities.
Graduate Hotels are collection of hotels that reside in university-anchored cities across the country. Every property is designed to celebrate and commemorate the local community, while offering an extended retreat to collegiate destinations. There are currently 10 Graduate Hotels open and operating across the U.S., and an additional eight hotels under development slated to open by 2020.
AJ Capital selected Emigrant Bank to provide a $60-million, five-year floating-rate construction loan for the project. The Graduate Roosevelt Island is expected to be completed in 2020.
