February 16, 2018
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.