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.
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.