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Hiwin Group USA And McSam Hotel Group Secure $110 Million Construction Loan For Flushing Hotel
FINANCED
$110,000,000
New York
See Similar DealsMultiFamily551,193 SF
Financed 03/09/2026
FINANCED
Hiwin Group USA And McSam Hotel Group Secure $110 Million Construction Loan For Flushing Hotel
131-02 40th Road
See Similar DealsMultiFamily551,193 SF
Financed 03/09/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$199
Total Square Footage:551,193 SF
Transaction Type:Loan
The property asset involved is a multifamily development located at 131-02 40th Road in Flushing, Queens. The total built space encompasses 551,193 square feet, with plans for a 19-story, 469-key hotel. The transaction includes 107,666 square feet of air rights. The loan amount is $110,000,000 for construction financing.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $110,000,000
- Asset Address: 131-02 40th Road
- Market: Flushing, Queens
- Square Footage: 551,193
- Units: 162
- Lender: Maxim Capital Group
- Landlord: Anthony Hu - Hiwin Group USA & Sam Chang - McSam Hotel Group
Developers of the project include Hiwin Group USA and McSam Hotel Group, led by Sam Chang. They are tasked with the construction of the hotel on this property, which officially closed on March 9, 2026.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$110,000,000.00
Monthly NOI$733,333.33
Monthly Debt Service$695,274.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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