October 18, 2018
S3 Capital Partners, the bridge financing arm of Spruce Capital Partners, has arranged a $76-million first lien construction loan for Sam Chang’s McSam Hotel Group on a boutique property going vertical at 292 Fifth Ave. in Manhattan’s NoMad neighborhood. The hotel will consist of 182 keys and a restaurant.
“Sam has an unparalleled track record of building high quality hotel developments in New York City,” said Robert Schwartz, co-founder of S3 and Spruce. “We are also excited about the introduction of a new upscale hotel brand in NoMad, given the strong demand for hotel rooms in that neighborhood.”
The 21-story, 87,655-square-foot property is being designed by Gene Kaufman Architect. It will be flagged as an upscale boutique brand, with construction scheduled for completion in summer 2019.
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