ICBC (USA) provides a $35 million USD loan for the 38-59 12 Street Refinancing Project

Project narrative

On January 6, 2022, Industrial and Commercial Bank of China (USA) N.A (ICBC (USA)) entered into a $35,000,000 loan agreement with Mayflowers International Hotel Management LLC — a New York-incorporated hotel company headquartered in New York City, New York and owned by husband-and-wife hotel developers Xiaozhuang Ge and Weihong Hu — and Mayflower International Group LLC — a New York-incorporated company with the same ownership — for the 38-59 12 Street Refinancing Project. The loan was secured by (i.e. collateralized against) a mortgage on 38-59 12 Street charged by Mayflower International Hotel Management and Mayflower International Group and an assignment of leases and rents associated with the property charged by Mayflower International Hotel Management. The proceeds were to be used by the borrower to refinance the Mayflower Howard Johnson Hotel, a hotel located at 38-59 12 Street in the Long Island City (LIC) neighborhood of Queens, New York City, New York.