Sam Chang secured a $120 million debt-and-equity package for his Hyatt Place hotel now under construction in the Garment District, he confirmed to The Real Deal.
The package includes a $95 million first mortgage from Bank of the Ozarks and $25 million in preferred equity from Square Mile Capital Management. His firm, McSam Hotel Group, is building a 25-story, 520-key property on the site, located at 350 West 39th Street.
Chang broke ground on the Gene Kaufman-designed project last fall. It is slated for completion in late 2018.
Eastern Consolidated’s Adam Hakim and James Murad brokered the debt-and-equity deal.
Representatives for Bank of the Ozarks and Square Mile Capital could not be reached for comment.
The 180,000-square-foot hotel is one of three rising on a block-long site between Eighth and Ninth avenues, formerly home to the digital advertising agency R/GA. Chang is building two of them, while Quadrum Global is developing a 26-story, 500-key hotel designed by Marvel Architects. Each firm paid $56 million for the site in 2014, records show.