Sam Chang refinanced his Marriott hotel development at 338 West 36th Street with a $185 million loan package from Deutsche Bank, property records show.
As part of the deal, Bank of the Ozarks assigned an existing $99 million construction loan on the Garment District project, which it had issued in July 2016, to the German lender. Deutsche Bank is throwing in $86 million in gap mortgages.
Chang’s McSam Hotel Group bought the site, formerly the Postgraduate Center for Mental Health, for $50.8 million in 2014. The developer is building a 28-story tower that will include two Marriott-branded hotels.
Deutsche Bank declined to comment and Chang did not respond to a request for comment.
Chang told the Commercial Observer in 2016 that he expects construction to finish by April 2018.
The developer and Deutsche Bank are no strangers: In 2016, Chang landed a $215 million construction loan from the Frankfurt-based firm for his Hilton hotel development in Hell’s Kitchen.