Lam Group obtains $15M credit line from Shanghai Commercial for unfinished FiDi hotel project

Lam Group through the entity Lam Pearl Street Hotel LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank Ltd., New York Branch valued at $15 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 215 Pearl Street in Financial District. The deal closed on July 28, 2020 and was recorded on August 11, 2020.
The property contains a total of 148,868 square feet of built space.
The average loan per buildable square foot is $101.
This is a non-revolving credit line. There is additional debt secured by the property.
Lam Group filed plans in 2012 for a 240-key hotel. The developers filed for an initial temporary certificate of occupancy in February 2018, but none has been issued as of August 11, 2020.

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