LCRE Group lands $85M refi for FiDi hotel

33-story hotel opened last year

TRD New York /
Feb.February 19, 2019 06:16 PM

151 Maiden Lane (Credit: Peter Poon)

Richard Lou’s LCRE Group refinanced the construction loan on its new Marriott-branded hotel in the Financial District, nearly a year after the firm reportedly was on the hunt for new debt.

The lender, Shanghai Commercial Bank, provided $85 million to refinance the 33-story AC Hotel New York Downtown at 151 Maiden Lane, according to a public record filed Tuesday with the city’s finance department. The debt includes $13 million gap mortgage.

Representatives from Shanghai Commercial and Lou could not be reached for comment. Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub brokered the financing. They declined to comment.

The deal comes nearly a year after LCRE had been looking for $100 million to refinance the 274-room hotel.

LCRE bought the site for $32 million from Fortis Property Group in 2013. Shanghai Commercial, an active hotel construction lender, provided $53 million in building and projects loans in 2016 to help build the project. Construction started in 2015 and the hotel opened to guests last year.

Meanwhile, Shanghai has made other recent hotel plays around New York. The Hong Kong-based lender provided Youngwoo & Associated nearly $131 million to construct its 22-story colorful mixed-use Radio Tower & Hotel development in Washington Heights.

And in June, Frank Ng scored a $60 million loan from Shanghai Commercial for a hotel he is planning at 132 Wet 28th Street in Chelsea.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

From left: 1407 Broadway, 805 Third Avenue and 195 Broadway (Credit: Google Maps)

These were the 10 largest Manhattan real estate loans in November

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M