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350 West 40th Street,Hudson...

Updated Oct 29, 2024

Sam Chang's McSam Hotel Group Secures $210M Loan For Hudson Yards Hotel
FINANCEDOther

Sam Chang's McSam Hotel Group Secures $210M Loan For Hudson Yards Hotel

350 West 40th Street,Hudson Yards

$210,000,000

$104/SF

Building Size

2,005,900 SF

Asset Type

Other

Closing

Nov 24, 2019

About this deal

AI

350 West 40th Street, located in Hudson Yards, has recently been involved in a closed property transaction. The property, a hotel, was sold to a new landlord, Sam Chang of the McSam Hotel Group. The transaction involved a loan amount of $210 million and the property spans 200,590 square feet. The deal was facilitated with the support of two lenders, Goldman Sachs and UBS.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $210M
  • Address: 350 West 40th Street
  • Market: Hudson Yards
  • Landlord: Sam Chang - McSam Hotel Group
  • Lender: Goldman Sachs & UBS
  • SF: 200,590

Sam Chang, of the McSam Hotel Group, played a pivotal role as the landlord in this transaction. The lenders, Goldman Sachs and UBS, provided the necessary financial support for the deal. Together, they facilitated the sale of this hotel property, located at 350 West 40th Street in Hudson Yards, New York. With a loan amount of $210 million and spanning 200,590 square feet, this transaction marks a significant change in ownership for the property.

Players

Goldman Sachs
Goldman SachsLender

Sam Chang

McSam Hotel Group

Landlord

$1.6B

vol

26 deals

Landlord

New York Other Market Snapshot

Boundary boundary · Other · Loan transactions

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Deal FAQ

About $104 per square foot on a published $210M for 2,005,900 square feet (2019).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.08%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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