October 18, 2018 Comments Off on S3 Makes Loan for Sam Chang Project in NoMad Views: 3322 Downtown New York, New York News

S3 Makes Loan for Sam Chang Project in NoMad

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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