McSam Hotel Group Secures $42 Million Loan From Webster Bank To Refinance Times Square Hotel
223 West 46th Street
$42,000,000
$678/SF
Building Size
61,892 SF
Asset Type
Hotel
Closing
Aug 12, 2026
About this deal
AI
The asset involved in this transaction is a hotel located at 223 West 46th Street in the Times Square market of Manhattan. The property spans a square footage of 61,892 and has secured a loan amount of $42,000,000 to facilitate refinancing.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $42,000,000
- Address: 223 West 46th Street
- Market: Times Square, Manhattan
- Previous Loan Amount: $35,000,000
- Lender: Webster Bank
- Landlord: Sam Chang - McSam Hotel Group
This financing transaction represents a strategic move by McSam Hotel Group, led by Sam Chang, to transition from a previous loan with State Bank of Texas, enhancing their financial position in the competitive hospitality market of New York City.
On the Map
$42,000,000
$678/SF
Hotel
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Players
New York Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93