Updated Oct 13, 2026
Sam Chang Of McSam Hotel Group Secures $48 Million Construction Loan From Webster Bank In Queens
143 02 135th Avenue
$48,000,000
Building Size
—
Asset Type
Development Site
Closing
May 22, 2025
About this deal
AI
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.
On the Map
$48,000,000
Development Site
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Players
South Ozone Park Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93