Sam Chang lands $83M refi for one of his Times Square hotels

The developer purchased the site at 585 Eighth Avenue in 2012

TRD New York /
Aug.August 25, 2017 12:05 PM

585 Eighth Avenue and Sam Chang

Sam Chang just landed $83 million to refinance a Holiday Inn in Times Square.

Deutsche Bank provided the loan, which replaces an earlier one that the bank provided in 2015 totaling $80 million, according to documents filed with the city’s Department of Finance. Chang opened the 35-story hotel at 585 Eighth Avenue in 2015.

The hotel developer purchased the Holiday Inn site in 2012, paying Philadelphia-based hotel real estate investment trust Hersha Hospitality Trust for $19.25 million for the property. A three-story building was demolished on the site to make way for the hotel, which was designed by a frequent collaborator of Chang’s, Gene Kaufman.

Chang was not immediately available on Friday to discuss the new loan.

Chang’s McSam Hotel Group is also in the process of developing a 175-key Pastana Hotel at 338 West 39th Street, along with Barone Management. In March, Chang snagged a $120 million debt-and-equity package for His Hyatt Place hotel in the Garment District.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

Sam Chang and 40 West 45th Street (Credit: Google Maps)

Sam Chang hit with $2M suit over Club Quarters hotels

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO