Sam Chang ups debt by $14M to $30M from Sterling National Bank for hotel in Flatiron

Sam Chang’s McSam Hotel Group through SCIPM East 24 LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $30.0 million for 1 parcel, including the tax class miscellaneous (H9) at 111 East 24th Street in Flatiron. The deal closed on December 16, 2020 and was recorded on March 11, 2021.
The property contains a total of 39,390 square feet of built space.
The average loan per buildable square foot is $762.
Sam Chang nearly doubled debt, increasing it from $16 million provided in 2017 with a $14 million gap loan for a total of $30 million.
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.

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