Xiaozhuang Ge, Weihong Hu sign $35M refi loan with ICBC for 142-unit hotel in Fresh Meadows

Xiaozhuang Ge and Weihong Hu through the entity Mayflower Business Group, LLC as borrower signed a refi loan with lender Industrial and Commercial Bank of China (ICBC) valued at $35 million for the 142-unit hotel (H2) at 61-27 186th Street in Fresh Meadows, Queens.
The deal closed on August 12, 2021 and was recorded on September 21, 2021.
The property has 76,367 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $458 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 10, 2011, for $3.5 million.
The signatory for Xiaozhuang Ge and Weihong Hu was Xiaozhuang Ge and Weihong Hu.
(420595038)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 142 residential units on January 3, 2017. (420595038) Plans for a 142-unit, 57,586 square-foot R-1 were filed on July 18, 2012 and were permitted on April 17, 2014.

Direct link to Acris document. link