United Construction & Development Group, represented by Hbc Corona LLC, has secured a $31.1 million refinancing loan from State Bank of Texas for the 72-unit SpringHill Suites New York LaGuardia Airport located at 112-15 Northern Boulevard in North Corona, Queens. The hotel, situated in the bustling market of North Corona, offers convenient access to the nearby LaGuardia Airport.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $31,100,000
• Lender: Sushil Patel - State Bank of Texas
• Landlord: Chris Jiashu Xu - United Construction & Development Group
• Loan Type: Refinance
• Market: North Corona, Queens
• Date: 10/16/2023
• Address: 112-15 Northern Boulevard - SpringHill Suites New York LaGuardia Airport

The lender for this transaction is Sushil Patel from State Bank of Texas, while the landlord is Chris Jiashu Xu from United Construction & Development Group. This financing deal allows United Construction & Development Group to optimize its financial operations for the SpringHill Suites property.