HSBC provided the debt
CitizenM and Brack Capital have secured $82.5 million from HSBC to refinance 185 Bowery, according to TRD. The Lower East Side hotel is set to open this summer and will contain 300 rooms.
Loan Details: The loan package rolls over HSBC’s previous debt from 2015 and increases the balance by $12.5 million.
How it was built: After the modular hotel was built in Poland, 210 pieces were shipped to NYC. While this construction method is not always cheaper, the pace of construction takes twice as fast.
Quotable: Contractor Anthony Rinaldi told the WSJ: “The number of truck deliveries was cut by about 1,200, and the crane was only on the site for about five months instead of at least a year.”