U.S. Trust provided a $14 million construction loan for a Long Island City La Quinta brand hotel, Mortgage Observer has learned.
MLK Real Estate Capital brokered the two-year loan, representatives for MLK said. The property is being developed by Riverbrook Equities, a New York-based boutique hotelier.
The hotel, set to rise at 9-02 38th Avenue, will have 111 units. The estimated total cost for the project is $22 million.
Riverbrook specializes in franchised hotels aimed towards business travelers, according to the firm’s website.
The La Quinta brand is growing, more than doubling the number of hotels under the brand in the last 10 years. Long Island City is also a hotbed of hotel development—of the 101 hotels under development in the outer boroughs at the moment, 23 of those are in Long Island City, according to a recent report from Crain’s New York Business.