McSam Hotel Group Secures $42 Million Loan From Webster Bank To Refinance Times Square Hotel

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.