The Real Deal Logo

TRENDING

Jay Schottenstein buys Ritz-Carlton, Miami Beach condo for $18MJay Schottenstein buys Ritz-Carlton, Miami Beach condo for $18M“Huge shake” at One Vanderbilt sends office workers scrambling“Huge shake” at One Vanderbilt sends office workers scrambling“Really concerning”: NYCB snubs Signature’s CRE loans“Really concerning”: NYCB snubs Signature’s CRE loansBrookfield’s One Liberty value slashed by $500MBrookfield’s One Liberty value slashed by $500M
New York

Sam Chang refinances Midtown West hotel with $215M loan

Deutsche Bank provided the loan

<em>From left: Sam Chang, Gene Kaufman and rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/346-West-40-Street-New-York-NY-10018/1007630067-0" target="_blank" data-address="346%20West%2040%20Street%2C%20New%20York" data-label="346%20West%2040th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F346-West-40-Street-New-York-NY-10018%2F1007630067-0" data-bbl="1007630067" data-blockValue="00763" data-lotValue="0067" data-zipcode="10018" data-bldgArea="197%2C500" data-bldgDepth="98.75" data-bldgFront="100.42" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="9%2C875" data-lotFront="100" data-lotDepth="98.75" data-retailArea="0" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="H2" data-primaryZoning="C6-4" data-commercialOverlay="" data-far="10" data-buildable="98%2C750" data-airRights="-98%2C750" data-propertyNeighborhood="Midtown%20West" data-latitude="40.7566938266398" data-longitude="-73.9930831580263" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F346-West-40-Street-New-York-NY-10018%5C%2F1007630067-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F346-West-40-Street-New-York-NY-10018%5C%2F1007630067-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">346 West 40th Street</a></em>

From left: Sam Chang, Gene Kaufman and rendering of 346 West 40th Street

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.

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

Jay Schottenstein buys Ritz-Carlton, Miami Beach condo for $18MJay Schottenstein buys Ritz-Carlton, Miami Beach condo for $18M“Huge shake” at One Vanderbilt sends office workers scrambling“Huge shake” at One Vanderbilt sends office workers scrambling“Really concerning”: NYCB snubs Signature’s CRE loans“Really concerning”: NYCB snubs Signature’s CRE loansBrookfield’s One Liberty value slashed by $500MBrookfield’s One Liberty value slashed by $500M
New York

Sam Chang refinances Midtown West hotel with $215M loan

Deutsche Bank provided the loan

<em>From left: Sam Chang, Gene Kaufman and rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/346-West-40-Street-New-York-NY-10018/1007630067-0" target="_blank" data-address="346%20West%2040%20Street%2C%20New%20York" data-label="346%20West%2040th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F346-West-40-Street-New-York-NY-10018%2F1007630067-0" data-bbl="1007630067" data-blockValue="00763" data-lotValue="0067" data-zipcode="10018" data-bldgArea="197%2C500" data-bldgDepth="98.75" data-bldgFront="100.42" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="9%2C875" data-lotFront="100" data-lotDepth="98.75" data-retailArea="0" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="H2" data-primaryZoning="C6-4" data-commercialOverlay="" data-far="10" data-buildable="98%2C750" data-airRights="-98%2C750" data-propertyNeighborhood="Midtown%20West" data-latitude="40.7566938266398" data-longitude="-73.9930831580263" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F346-West-40-Street-New-York-NY-10018%5C%2F1007630067-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F346-West-40-Street-New-York-NY-10018%5C%2F1007630067-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">346 West 40th Street</a></em>

From left: Sam Chang, Gene Kaufman and rendering of 346 West 40th Street

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.

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.