McSam Hotel Group borrows $64M from Deutsche Bank for new hotel in Hudson Yards

Sam Chang’s McSam Hotel Group through the entity LSCH LLC D/B/A LSCH 8th Ave LLC as borrower signed a loan agreement with lender Deutsche Bank valued at $63.5 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) and containing 320 residential units at 523 8th Avenue in Hudson Yards. The deal closed on February 12, 2020 and was recorded on February 13, 2020.
The property contains a total of 98,674 square feet of built space.
The average loan per unit is $198,438.
This is permanent financing following the completion of the hotel in late 2019. This financing includes $33.55 million in a gap mortgage. The hotel is operating as a Radisson. McSam borrowed $30 million from Madison Realty Capital in construction financing to build the hotel. The property is leased from an entity in care of Joseph P. Day.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 320 hotel units on December 5, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $144,000.There has been one new building permit application totaling 88,744 square feet. Those plans include a total of 320 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