Sam Chang refinances Midtown West hotel with $215M loan

Deutsche Bank provided the loan

TRD New York /
Aug.August 15, 2016 06:16 PM

UPDATED, March 13, 7:00 p.m.: Developer Sam Chang has refinanced two Midtown West hotels currently under construction with a $215 million loan.

Deutsche Bank provided the $131.5 million mortgage for 346 West 40th Street, thus replacing a $52 million construction loan from the Bank of the Ozarks, records filed with the city’s Department of Finance show. Chang’s McSam Hotel Group is currently building a 612-key hotel on the site, which was formerly home to a parking garage. 

The loan package also includes a $80 million refinancing of a construction loan for the hotel development 326-330 West 37th Street. Chang filed plans for the hotel in March 2014, after buying the property for $26.3 million. Permit applications filed with the Department of Buildings show that the hotel will rise 36 stories and span roughly 177,600 square feet. Gene Kaufman TRData LogoTINY, Chang’s perennial collaborator, is designing the hotel.

The hotelier recently also landed a $115 million construction loan from the Bank of the Ozarks for another Midtown hotel he’s building at 338 West 36th Street. That hotel will feature two Marriott-brand hotels: a 280-room SpringHill Suites and a 286-room Fairfield Inn Suites. In June, he acquired a 99-year ground lease on a one-story retail strip in the Garment District for $27.1 million.


Related Article

Steve Croman and 566 Hudson Street (Credit: Google Maps, iStock)

Steve Croman sued over illegally deregulating apartments

Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

Crowdfunding platform launches $20M Opportunity Zone fund

The Daily Digest - Tuesday

The trade war could cool down the e-commerce boom, Tom Barrack’s firm makes an aggressive bet on tech: Daily digest

Construction startup Katerra hires former James Hardie executive as new CFO

Carrie Chiang (Photo by Guerin Blask)

The Closing: Carrie Chiang