McSam Hotel Group borrows $210M from Goldman Sachs, UBS for new hotel in Hudson Yards

Sam Chang’s McSam Hotel Group signed two loan agreements with lenders Goldman Sachs and UBS valued at $210 million for the new DoubleTree by Hilton Hotel New York Times Square West at 350 West 40th Street in Hudson Yards. The deals closed on November 25, 2019 and was recorded on December 2, 2019.
The property contains a total of 200,590 square feet of built space.

Chang divided the property into a fee position and a ground-leased position, both owned by McSam Hotel Group entities. The fee position has a $90 million loan from UBS, and the tenant a $120 million loan from Goldman Sachs. The prior debt from Deutsche Bank provided in 2016 was $215 million. The last time the property sold was December 20, 2013, for $26,250,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 612 hotel units on April 3, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 177,581 square feet. Those plans include a total of 612 hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link