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Sam Chang Of McSam Hotel Group Secures $48 Million Construction Loan From Webster Bank In Queens
FINANCED
$48,000,000
New York
See Similar DealsDevelopment Site
Financed 05/22/2025
FINANCED
Sam Chang Of McSam Hotel Group Secures $48 Million Construction Loan From Webster Bank In Queens
143 02 135th Avenue
See Similar DealsDevelopment Site
Financed 05/22/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 143-02 135th Avenue in South Ozone Park, Queens, encompassing a total building square footage of 129,415. The site is earmarked for the construction of a 351-room hotel, specifically a Hyatt Place and Hyatt House, positioned strategically near JFK Airport.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $48,000,000
- Lender: Webster Bank
- Landlord: Sam Chang - McSam Hotel Group
- Loan Type: Construction
The key individuals involved in this transaction include Sam Chang, representing McSam Hotel Group, which is undertaking the development project with financing secured from Webster Bank for construction costs.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,000,000.00
Monthly NOI$320,000.00
Monthly Debt Service$303,392.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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