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Financing Checks Into McSam Midtown Hotel

NEW YORK CITY—A new mezzanine loan of nearly $25 million is part of the Hudson Yards area hotel's $108 million of planned construction financing.

By Rayna Katz | Updated on March 23, 2015

NEW YORK CITY—Square Mile Capital Management has originated an almost $25 million mezzanine loan secured by a to-be-built hotel near Times Square and Hudson Yards.

The hotel, being developed by Sam Chang of McSam Hotel Group, will be located in the Hudson Yards zoning district. The mezzanine loan is part of the $108 million construction financing on the property.  The senior construction financing was provided by the Bank of the Ozarks.

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