Sam Chang Of McSam Hotel Group Secures $55M Construction Loan From Metropolitan Commercial Bank In Queens

The property asset involved in the transaction is an industrial property located at 143-02 135th Avenue in South Ozone Park, Queens. The total loan amount secured for this project is $55,000,000, classified as a construction loan, which replaces $19.5 million in prior debt from Jemm Capital Partners.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $55,000,000
• Lender: Metropolitan Commercial Bank
• Landlord: Sam Chang - McSam Hotel Group

This deal highlights the involvement of Sam Chang, who represents McSam Hotel Group. The loan facilitated by Metropolitan Commercial Bank is intended for the development of the industrial site, marking a significant step in the ongoing project.