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.