NEW YORK – Madison Realty Capital has provided $83 million in financing to recapitalize and rebrand a Midtown Manhattan hotel.
Renown hotelier, Sam Chang of hotel development firm, McSam Hotel Group, will utilize the obtained capital to retire existing debt on the property and revitalize and transition the New York City asset to another brand.
The 230-room hotel is located at 25 West 51st Street in the high-traffic tourist area across from Rockefeller Center.
The transaction was quickly closed within three weeks.
Madison Realty Capital, founded in 2004, is a private equity real estate firm based in New York City. The firm specializes in debt and equity investment strategies and has closed a total of $11 billion in transactions across multifamily, retail, office, industrial and hotel sectors.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
