Sam Chang's McSam Hotel Group Secures $63.5M Loan For 320-Unit Hotel At 523 8th Avenue, Hudson Yards
523 8th Ave, New York, NY 10018, USA
$63,500,000
$64/SF
Building Size
986,740 SF
Asset Type
Other
Closing
Feb 11, 2019
About this deal
AI
A hotel located at 523 8th Avenue in Hudson Yards has been involved in a closed property transaction. The property, owned by Sam Chang of McSam Hotel Group, was the subject of a loan from Deutsche Bank worth $63,500,000. The hotel has a building square footage of 98,674 and consists of 320 units.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $63,500,000
- Address: 523 8th Avenue
- Market: Hudson Yards
- Landlord: Sam Chang – McSam Hotel Group
- Lender: Deutsche Bank
- Building Square Footage: 98,674
- Number of Units: 320
The loan for the hotel property at 523 8th Avenue was provided by Deutsche Bank. Sam Chang, representing McSam Hotel Group, acted as the landlord in this transaction.
Players
New York Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93