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Square Mile Capital Provides $75MM Preferred Equity For Times Square Hotel Construction

Property Image
FINANCED
$75,000,000
James Murad
Adam Hakim
Sam Chang

New York

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Development Site15,565 SF
Financed 04/23/2020
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Property Image
FINANCED

Square Mile Capital Provides $75MM Preferred Equity For Times Square Hotel Construction

150 West 48th Street, New York, NY 10036, USA

See Similar Deals
Development Site15,565 SF
Financed 04/23/2020
James Murad
Adam Hakim
Sam Chang
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$4,818
Total Square Footage:15,565 SF
Transaction Type:Loan

Adam Hakim, Sam Chang, and James Murad are featured in an image related to a loan transaction that took place on April 23, 2021. The property in question is located at 150 West 48th Street in Times Square. This development site has a buildable square footage (BSF) of 323,471 and consists of 1,046 rooms.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $75,000,000
  • Address: 150 West 48th Street
  • Market: Times Square
  • Asset Type: Development Site
  • BSF: 323,471
  • Rooms: 1,046

The lender in this transaction is Square Mile Capital, while the landlord is McSam Hotel Group, represented by Sam Chang. The brokers responsible for the deal are Adam Hakim and James Murad of Meridian Capital Group.

It is worth noting that the loan amount for this transaction is $75,000,000. The purpose of this loan is to provide preferred equity for the construction of a hotel in Times Square.

Players

James Murad
Ripco
James Murad
62 deals$2.9B volume(646) 290-2012
BROKER
Adam Hakim
Ripco
Adam Hakim
60 deals$2.9B volume(646) 290-2011
BROKER
Square Mile Capital
Square Mile Capital
LENDER
Sam Chang
McSam Hotel Group
Sam Chang
25 deals$1.5B volume
LANDLORD

Details

FINANCED
IMAGE: Adam Hakim, Sam Chang & James Murad DATE: 04/23/2021 ADDRESS: 150 West 48th Street MARKET: Times Square ASSET TYPE: Dev Site ~ BSF: 323,471 ~ ROOMS: 1,046 LENDER: Square Mile Capital LANDLORD: McSam Hotel Group - Sam Chang BROKERS: Adam Hakim & James Murad - Meridian Capital Group LOAN AMOUNT: $75,000,000 NOTE: $75MM in Preferred Equity for Construction of Times Square Hotel

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$75,000,000.00

Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00