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Wells Fargo to take a $60M loss on 13-story office tower in SFWells Fargo to take a $60M loss on 13-story office tower in SF“Hell for the past three years”: Strategic Properties’ $190M deconversion deal is dead “Hell for the past three years”: Strategic Properties’ $190M deconversion deal is dead Jeff Blau to Class B office owners: “Take what you can and run”Jeff Blau to Class B office owners: “Take what you can and run”Fitch downgrades Vornado’s 650 MadisonFitch downgrades Vornado’s 650 Madison
New York

Sam Chang refinances Midtown West hotel with $215M loan

Deutsche Bank provided the loan

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 [TRDataCustom], Chang’s perennial collaborator, is designing the hotel.

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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.

 

TRENDING

Wells Fargo to take a $60M loss on 13-story office tower in SFWells Fargo to take a $60M loss on 13-story office tower in SF“Hell for the past three years”: Strategic Properties’ $190M deconversion deal is dead “Hell for the past three years”: Strategic Properties’ $190M deconversion deal is dead Jeff Blau to Class B office owners: “Take what you can and run”Jeff Blau to Class B office owners: “Take what you can and run”Fitch downgrades Vornado’s 650 MadisonFitch downgrades Vornado’s 650 Madison
New York

Sam Chang refinances Midtown West hotel with $215M loan

Deutsche Bank provided the loan

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 [TRDataCustom], Chang’s perennial collaborator, is designing the hotel.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.