Sam Chang Of McSam Hotel Group Secures $29 Million Refinancing From Preferred Bank For Office Building

The asset involved in this transaction is an office building located at 224-226 West 47th Street in the Times Square market of Manhattan. The building encompasses a total area of 33,659 square feet and has an associated loan amount of $29 million for refinancing purposes.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $29,000,000
• Lender: Preferred Bank
• Landlord: Sam Chang - McSam Hotel Group
• Previous Loan Amount: $28,000,000
• Previous Lender: Maxim Capital Group

Sam Chang, representing McSam Hotel Group, has secured refinancing from Preferred Bank. This refinancing replaces an earlier loan obtained from Maxim Capital Group, facilitating the financial standing of the office property located at the specified address.