McSam Hotel Group borrows $21M to build LIC hotel, 4th construction loan since December

Sam Chang’s McSam Hotel Group through the entity 9th Street QB Hotel LLC as borrower signed a loan agreement with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $21.3 million for a hotel development at 38-21 9th Street in Long Island City. The deal closed on March 13, 2020 and was recorded on April 3, 2020.
The property has 73,644 square feet of available development rights.
The average loan per buildable square foot is $289.
Chang has borrowed $295 million since December for four hotel construction projects in Manhattan and Queens. This project is an under-construction hotel, pre-filed in 2016 with 248 keys. The project was permitted in 2018. This loan is composed of a $13.7 million building loan and a $7.6 million project loan.

The last time the property sold was June 8, 2018, for $6,500,000. There remains a $22 million loan secured by this property and another adjacent property.

Chang obtained two other construction loans from Goldman Sachs in the past two months in Long Island City. Adjacent to this site, last month Chang borrowed $34.7 million for hotel construction at 38-37 9th Street. And a few days later, the bank recorded a $29 million loan to Chang at 37-02 10th Street, a block to the north.

The hotel developer also borrowed $210 million from S3 Capital for a hotel project in Times Square. 

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. 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

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