McSam Hotel signs $9M construction loan with Sterling National Bank for hotel in Astoria

McSam Hotel Group through the entity 11th Street Qb Hotel LLC as borrower signed a new construction loan with lender Sterling National Bank valued at $9 million for the hotel (H2) at 38-11 10th Street in Astoria, Queens.
The deal closed on August 19, 2021 and was recorded on October 8, 2021.
(420654697) Plans for a 181-unit, 53,606 square-foot R-1 were filed on August 6, 2015 and were permitted on May 30, 2018.
The property has 59,261 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $151 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 28, 2017, for $7.8 million.
The signatory for McSam Hotel Group was Sam Chang.

This is for a new construction loan secured by the leasehold interest in the property. The fee interest is also controlled by Sam Chang affiliate. There exists a $7.9 million loan on the fee interest.

Within a 400-foot radius of 38-11 10th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $75.7 million. The most recent of the four was McSam Hotel Group which borrowed $21.3 million from Goldman Sachs secured by the 0-square-foot, one-unit hotel (H3) on 38-21 9th Street on April 3, 2020.

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