MLK Real Estate Capital (MLK) secured financing on behalf of Riverbrook Equities (RBE) for the new location of its La Quinta hotel franchise at 9-02 38th Avenue, Long Island City.
MLK represented RBE in the financing for the 111-unit project estimated to cost $22 million.
RBE received construction loans for $14,000,000 to complete construction.
The undertaking will enhance RBE as a force in the limited service hospitality industry — the La Quinta franchise has more than doubled its number of hotels over the last ten years.
MLK provides structured finance and advisory services on behalf of its clients.