The Real Deal New York

CitizenM lands $83M loan for Bowery hotel

Financing for property at 185 Bowery comes from HSBC
By Eddie Small | April 09, 2018 05:47PM

Construction at 185 Bowery and a rendering of citizenM’s hotel (credit: the Rinaldi Group)

Dutch hotel chain citizenM has landed an $82.5 million loan for its Lower East Side hotel at 185 Bowery, according to property records.

The money comes from HSBC and is split between two notes of about $53.8 million and $28.7 million.

CitizenM built the prefab hotel in Poland and eventually shipped it to New York in 210 pieces. The project stands 20 stories tall and contains 300 rooms.

Other recent transactions on the Lower East Side include Eunhasu Corporation buying a five-story building at 168 Suffolk Street for $12.8 million and Midtown Equities TRData LogoTINY selling its luxury rental building at 155 Attorney Street to the Schwalbe family for almost $40 million.