New York

Sam Chang scores $120M in debt, equity for Hyatt Place project

Bank of Ozarks, Square Mile Capital provided funds for 520-key hotel

Rendering of the Hyatt Place hotel at <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/350-West-39-Street-New-York-NY-10018/1007620006-0" target="_blank" data-address="350%20West%2039%20Street%2C%20New%20York" data-label="350%20West%2039th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F350-West-39-Street-New-York-NY-10018%2F1007620006-0" data-bbl="1007620006" data-blockValue="00762" data-lotValue="0006" data-zipcode="10018" data-bldgArea="48%2C439" data-bldgDepth="138.75" data-bldgFront="75" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="24%2C687" data-lotFront="125" data-lotDepth="197.5" data-retailArea="0" data-resArea="0" data-officeArea="48%2C439" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="O2" data-primaryZoning="C6-4M" data-commercialOverlay="" data-far="10" data-buildable="246%2C870" data-airRights="198%2C483" data-propertyNeighborhood="Midtown%20West" data-latitude="40.7559364948652" data-longitude="-73.9935720883304" 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%2F350-West-39-Street-New-York-NY-10018%5C%2F1007620006-0%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%2F350-West-39-Street-New-York-NY-10018%5C%2F1007620006-1%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">350 West 39th Street</a> (credit: Gene Kaufman) and Sam Chang

Rendering of the Hyatt Place hotel at 350 West 39th Street (credit: Gene Kaufman) and Sam Chang

Sam Chang secured a $120 million debt-and-equity package for his Hyatt Place hotel now under construction in the Garment District, he confirmed to The Real Deal.

The package includes a $95 million first mortgage from Bank of the Ozarks and $25 million in preferred equity from Square Mile Capital Management. His firm, McSam Hotel Group, is building a 25-story, 520-key property on the site, located at 350 West 39th Street.

Chang broke ground on the Gene Kaufman-designed project last fall. It is slated for completion in late 2018.

Eastern Consolidated’s Adam Hakim and James Murad brokered the debt-and-equity deal.

Representatives for Bank of the Ozarks and Square Mile Capital could not be reached for comment.

The 180,000-square-foot hotel is one of three rising on a block-long site between Eighth and Ninth avenues, formerly home to the digital advertising agency R/GA. Chang is building two of them, while Quadrum Global is developing a 26-story, 500-key hotel designed by Marvel Architects. Each firm paid $56 million for the site in 2014, records show.

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New York

Sam Chang scores $120M in debt, equity for Hyatt Place project

Bank of Ozarks, Square Mile Capital provided funds for 520-key hotel

Rendering of the Hyatt Place hotel at <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/350-West-39-Street-New-York-NY-10018/1007620006-0" target="_blank" data-address="350%20West%2039%20Street%2C%20New%20York" data-label="350%20West%2039th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F350-West-39-Street-New-York-NY-10018%2F1007620006-0" data-bbl="1007620006" data-blockValue="00762" data-lotValue="0006" data-zipcode="10018" data-bldgArea="48%2C439" data-bldgDepth="138.75" data-bldgFront="75" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="24%2C687" data-lotFront="125" data-lotDepth="197.5" data-retailArea="0" data-resArea="0" data-officeArea="48%2C439" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="O2" data-primaryZoning="C6-4M" data-commercialOverlay="" data-far="10" data-buildable="246%2C870" data-airRights="198%2C483" data-propertyNeighborhood="Midtown%20West" data-latitude="40.7559364948652" data-longitude="-73.9935720883304" 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%2F350-West-39-Street-New-York-NY-10018%5C%2F1007620006-0%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%2F350-West-39-Street-New-York-NY-10018%5C%2F1007620006-1%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">350 West 39th Street</a> (credit: Gene Kaufman) and Sam Chang

Rendering of the Hyatt Place hotel at 350 West 39th Street (credit: Gene Kaufman) and Sam Chang

Sam Chang secured a $120 million debt-and-equity package for his Hyatt Place hotel now under construction in the Garment District, he confirmed to The Real Deal.

The package includes a $95 million first mortgage from Bank of the Ozarks and $25 million in preferred equity from Square Mile Capital Management. His firm, McSam Hotel Group, is building a 25-story, 520-key property on the site, located at 350 West 39th Street.

Chang broke ground on the Gene Kaufman-designed project last fall. It is slated for completion in late 2018.

Eastern Consolidated’s Adam Hakim and James Murad brokered the debt-and-equity deal.

Representatives for Bank of the Ozarks and Square Mile Capital could not be reached for comment.

The 180,000-square-foot hotel is one of three rising on a block-long site between Eighth and Ninth avenues, formerly home to the digital advertising agency R/GA. Chang is building two of them, while Quadrum Global is developing a 26-story, 500-key hotel designed by Marvel Architects. Each firm paid $56 million for the site in 2014, records show.

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