Lam Group: Lam Group lands $222M loan from Shanghai bank for Virgin Hotel

The Lam Group can move ahead with plans to build its 465-key Virgin Hotel in NoMad after scoring a $222 million construction loan from the Shanghai Commercial Bank. The development firm, headed by Hong Kong native John Lam, secured financing in late February for the 400,000-square-foot project at 1205-1227 Broadway, located between 29th and 30th streets, property records filed with the city Friday show. A representative for the lender declined to comment, while the Lam Group could not ... [more]