McSam Hotel Group obtains $29M construction loan from Goldman Sachs for LIC hotel

Sam Chang’s McSam Hotel Group through the entity 10th Street QB Hotel LLC as borrower signed a loan agreement with lender Goldman Sachs Bank USA valued at $29 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 37-02 10th Street in Long Island City. The deal closed on March 13, 2020 and was recorded on March 23, 2020.

This is a construction loan with an $18.2 million building loan and a $10.2 million project loan. The last time the property sold was July 18, 2018, when Sam Chang bought it for $11,500,000 using the entity DUN 37-10 10TH STREET LLC. Chang at the time borrowed $7.4 million in an acquisition loan, which was increased in 2019 to $9.5 million, from Goldman. Also in 2019, Chang as a tenant signed a 49-year lease with a landlord that was using Chang’s entity DUN 37-10 10TH STREET LLC. That landlord’s signatory was Samir Gandhi.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $35,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link