PIMCO buys $67.5M note from Deutsche Bank secured by Sam Chang hotel

PIMCO through its LVS III Spe XXXVIII LP bought a note with an original principal of $67.5 million from Deutsche Bank secured by a hotel owned by Sam Chang’s McSam Hotel Group which is a tax class luxury type hotel built after 1960 (H2) at 16 East 39th Street in the Garment District. The deal closed on February 1, 2021 and was recorded on March 8, 2021.
The property contains a total of 82,634 square feet of built space.

PIMCO bought the debt on the new-construction Hyatt Centric Hotel built by Sam Chang’s McSam Hotel Group through the company 16 EAST 39TH STREET LLC. The last time the property sold was February 19, 2016 for $31,925,139. This purchase was part of a larger acquisition of debt from Deutsche Bank.

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