Lam Group borrows $27M from Flushing Bank for hotel in Brooklyn Heights

Lam Group through the entity JLam Duffield III LLC and others as borrower signed a loan agreement with lender Flushing Bank valued at $27.0 million for the Hotel Indigo at 229 Duffield Street in Brooklyn Heights. The deal closed on September 25, 2019 and was recorded on October 2, 2019.
The property contains a total of 56,626 square feet of built space.
The average loan per buildable square foot is $477.
The new loan represents a decline from the prior recorded debt issued by Shanghai Commercial Bank which totaled $30.5 million, made up of a first-mortgage loan of $23 million and a second-mortgage loan of $7.5 million. The last time the property sold was June 8, 2012, when the Lam Group bought it for $31,100,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 130 residential (or hotel) units on August 30, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.