Shanghai Commercial Bank lends Richard Lou $85 million for FiDi Hotel
Richard Lou’s LCRE Group has secured $85 million from Shanghai Commercial Bankto refinance 151 Maiden Lane in the Financial District. The new AC Hotel spans 111,118 square feet, and contains 274 rooms, plus ground-floor retail (2,000 SF).
Financing details: The new debt replaces $53 million in building and projects loans provided by the same lender in 2016. The new financing also includes a $13 million gap mortgage, according to TRD.
Flashback: LCRE paid $32 million for the development site in 2014.