McSam Hotel signs $15M construction loan with Silver Point for hotel in Times Square

Sam Chang’s McSam Hotel Group through the entity SCLB 46th Street LLC as borrower signed a new construction loan with lender Silver Point Capital through the entity Silver Point Finance, LLC valued at $15 million for the hotel (H2) at 223 West 46th Street in Times Square, Manhattan.
The deal closed on May 27, 2021 and was recorded on June 17, 2021.
The property has 61,892 square feet of built space and 0 square feet of additional air rights for a total buildable of 50,200 square feet according to PincusCo analysis of city data. The loan price per built square foot is $242 per the PincusCo analysis.
The owner bought the property on 11-Dec-15, for $1.7 million.
The signatory for McSam Hotel Group was Sam Chang.
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 new building permit application. Those plans include a total of 159 hotel units.
Within a 400-foot radius of 223 West 46th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on September 6, 2019 for the $1.9 million renovation of one-square-foot M building with no residential units at 1565 Broadway.
Of those five items, two were sales above $5 million totaling $27.4 million. The most recent of the two was Raizada S. Vaid which bought the 9,175-square-foot, 13-unit rental (C7) on 250 West 47th Street for $5.5 million from Salvatore Guadio on May 5, 2020.
Of those five items, two were loans above $5 million totaling $73.3 million. The most recent of the two was Raizada S. Vaid which borrowed $8.3 million from Signature Bank secured by the 9,175-square-foot, 13-unit rental (C7) on 250 West 47th Street on May 5, 2020.

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