Sam Chang’s McSam Hotel Group borrows $71M from China CITIC Bank International Branch for hotel in Clinton

Sam Chang’s McSam Hotel Group through the entity Rnmb West 58 LLC as borrower signed a loan agreement with lender China CITIC Bank International valued at $71 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 534 West 58th Street in Clinton. The deal closed on January 2, 2020 and was recorded on January 7, 2020.
The property contains a total of 67,511 square feet of built space.
The average loan per buildable square foot is $1,052.
McSam took out a gap mortgage of $1 million. Deutsche Bank assigned a previous $70 million loan package to China Citic. The last time the property sold was April 19, 2013, for $17,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 226 hotel units on September 19, 2016.

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