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131-02 40th Road

Sam Chang Secures $110 Million Construction Loan For Hotel At 131-02 40th Road In Flushing
FINANCEDHotel

Sam Chang Secures $110 Million Construction Loan For Hotel At 131-02 40th Road In Flushing

131-02 40th Road

$110,000,000

Building Size

Asset Type

Hotel

Closing

Mar 9, 2026

AI

The property asset involved in this transaction is a hotel located at 131-02 40th Road in Flushing. The asset has 800 keys and is part of a construction loan arrangement with a total loan amount of $110,000,000.

Summary of transaction details:

The deal involves key individuals including Adam Glick and Josh Greene from Maxim Capital Group, as well as Matt Meltsner and Candace Chao from Jemm Capital Partners. The landlord of the property, Sam Chang, is also a significant participant in this transaction, with Emanuel Westfried serving as the broker facilitating the arrangement.

Players

Emanuel Westfried

Broker

$886.1M

vol

11 deals

Broker

Adam Glick

Maxim Capital Group

Lender

$1B

vol

27 deals

Lender
Maxim Capital Group
Maxim Capital GroupLender

Flushing Hotel Market Snapshot

Boundary boundary · Hotel · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.14%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93