McSam Hotel’s Planned Queens Asset Lands $17M Loan
The owner used the loan for the acquisition and completion of a partially constructed hotel in the borough's Long Island City neighborhood.
By Corina Stef
38-04 11th St. site, New York City
Madison Realty Capital (MRC) has secured a $16.5 million acquisition and development loan for a partially constructed hotel in Queen’s Long Island City neighborhood. The company placed on behalf of the borrower, an affiliate of Sam Chang’s McSam Hotel Group, a $4 million mortgage for the site’s purchase and an additional $12.5 million for the project’s completion. The financing packaging covers nearly 70 percent of the total costs.
The site comes with building approvals and a finalized foundation. The construction of the 148-key, 55,630-square-foot hotel is slated for completion in 15 to 18 months. The owner selected Gene Kaufman as the architect of the project.
Located at 38-04 11th St., the property offers easy access to multiple subway and bus stations, as well as parks, retailers, schools and banks.
“Long Island City is a proven hotel market and the neighborhood as a whole continues to boom with real estate investment and development activity in all major property types,” MRC Co-Founder & Managing Principal Josh Zegen said in a prepared statement.
In another recent deal, McSam Hotel Group received a $121.4 million construction financing package for its dual-branded hotel in Manhattan’s Chelsea neighborhood.
Image courtesy of PropertyShark
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