Sam Chang nabbed a $115 million construction loan from Bank of the Ozarks to build a 28-story hotel at 338 West 36th Street, almost two years after buying the lot.
The hotel developer told the Commercial Observer that construction began last month and that he expects the project to be completed within 21 months.
The 191,000-square-foot building, designed by Gene Kaufman, will feature two Marriott-brand hotels: a 280-room Spring Hill Suites and a 286-room Fairfield Inn & Suites.
Eastern Consolidated’s Adam Hakim and James Murad brokered the loan.
Chang’s McSam Hotel Group bought the six-story Postgraduate Center for Mental Health for $50.8 million in August 2014 and filed demolition permits later that year. The company is one of New York’s most active hotel developers and is currently partnering with Marriott on five ground-up hotel projects in new York City. In June, the company bought a 99-year ground lease on a Garment District retail strip at 523-529 Eighth Avenue for $27.1 million. [CO] — Konrad Putzier