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DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.