Updated Oct 29, 2024
Sam Chang's McSam Hotel Group Acquires Development Site In Midtown Garment District For $38M
525 8th Ave, New York, NY 10018, USA
$38,000,000
$355/SF
Building Size
106,827 SF
Asset Type
Development Site
Closing
Jul 23, 2018
About this deal
AI
Sam Chang's McSam Hotel Group has secured a $38 million loan from Madison Realty Capital for the development site located at 525 Eighth Avenue in the Midtown Garment District of New York City. The financing deal was closed on July 24, 2018.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $38,000,000
- Lender: Madison Realty Capital - Josh Zegen
- Landlord/Developer: Sam Chang's McSam Hotel Group
Madison Realty Capital, represented by Josh Zegen, provided the financing for the development site at 525 Eighth Avenue. The loan amount of $38 million will support the development plans of Sam Chang's McSam Hotel Group. Both parties successfully closed this financed deal in the Midtown Garment District of New York City.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93