New York City—The Mcsam Hotel Group led by Sam Chang has received a $121.35 million debt and equity package to construct a 45-story, 526-room hotel in Chelsea. Located at 140 W. 28th St., the building is being constructed on a vacant parking lot on West 28th Street between Sixth and Seventh avenues and is scheduled to open in 2019.
The 178,000 square-foot hotel will operate under two separate hotel names, under the Marriott brand—TownePlace Suites and Springhill Suites. It will feature two separate lobbies and shared common areas.
Adam Hakim, managing director, and James Murad, director, both in the capital advisory division of commercial real estate firm Eastern Consolidated, handled the transaction. The financing includes a $97.5 million first mortgage with Bank of the Ozarks, and a $23.85 million mezzanine construction loan from Square Mile Capital Management LLC.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
