MLK Real Estate Capital (MLK) announced it has 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, NY.
MLK represented RBE in the financing for the new La Quinta location, which will have 111 units. The project’s estimated total cost is $22,000,000.
RBE has received construction loans for $14,000,000 to complete the construction of this new project.
This 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.
RBE selected Long Island City for its new La Quinta location based on current affordability and ease of commute, which makes it a viable alternative to costly Manhattan hotel space.
Long Island City has the benefits and amenities of prime Manhattan real estate, at a lower cost—and is just 15 minutes from Midtown Manhattan.
MLK Real Estate Capital is a privately held, boutique commercial real estate advisory Firm.
The firm provides structured finance and advisory services on behalf of its Commercial Real Estate clients.
It introduces third-party equity and debt for Commercial Real Estate transactions while working in tandem with world-class sponsors, owners, and management teams.
RIverBrook Equities builds and operates franchise hotels throughout the tri state area.