August 17, 2016
The McSam Hotel Group, which is developing the 35-story Doubletree by Hilton Hotel in Manhattan, has snagged a $215-million refinance loan from Deutsche Bank.
The two-year loan will pay off approximately $85 million in construction debt received from Bank of the Ozarks, while providing the developer with an additional $163 million. The loan has an interest rate of 6.75%, and allows for three one-year extensions.
The 612-key Hilton hotel, located at 346-350 W. 40th St., is anticipated to open soon. Sam Chang, who heads up McSam Hotel Group, purchased the site for $26.3 million in December 2013. McSam funded the site purchase with a $20 million mortgage from Titan Capital.
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