August 20, 2019
Madison Realty Capital (MRC) provided hotelier Sam Chang an $83-million loan to recapitalize a 230-key property at 25 W. 51st St. Loan proceeds will enable Chang to retire the existing debt on the property and transition the hotel to another brand.
Chang is the founder and chairman of McSam Hotel Group, a Long Island-based hotel development firm. The transaction closed within three weeks.
“The combination of this project’s unbeatable midtown location and highly-regarded sponsor formed an incredibly attractive financing opportunity for MRC,” said Josh Zegen, co-founder and managing principal of MRC (pictured). “We’ve closed previous deals with McSam Hotel Group, and their track record for developing and redeveloping successful hotels speaks for itself.
“In this case, we were able to step up and close quickly to finance this first-class hotel product, just steps away from some of the most highly-trafficked tourist attractions in the world,” Zegen added.
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