Sam Chang’s McSam Hotel Group, borrowed $16.5 million from Madison Realty Capital (MRC) for its plan to buy a development site and complete the construction a 148-key hotel at 38-04 11th St. in the Long Island City neighborhood of Queens.

February 16, 2018 Comments Off on Sam Chang Borrows $17M to Buy and Complete Half-Finished Hotel Views: 2730 New York News, Outer Boroughs New York

Sam Chang Borrows $17M to Buy and Complete Half-Finished Hotel

Sam Chang’s McSam Hotel Group borrowed $16.5 million from Madison Realty Capital (MRC) to buy a development site and complete the construction a 148-key hotel at 38-04 11th St. in the Long Island City neighborhood of Queens.

The previous owner had secured approvals, cleared previous structures from the site, and completely built the foundation. McSam, a leading hotel developer in New York, plans to complete construction of the building within approximately 15-18 months.

MRC provided $4 million at closing for site acquisition, and has committed to fund an additional $12.50 million to complete construction of the project. The $16.5 million financing package will cover about 70% of the total project cost.

“Long Island City is a proven hotel market, and the neighborhood as a whole continues to boom,” said Josh Zegen of MRC.

Read More at MRC

Connect with MRC’s Zegen

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson


Get CRE News in 150 words

Tags: ,

Comments are closed.