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McSam’s Times Square Project Lands $250M Financing
The McSam Hotel Group will move ahead with a 1,043-key, three-flag hotel near Times Square, thanks to a $250-million financing arranged by S3 Capital. The $210-million first lien and a $40-million mezzanine loan will support acquisition and construction at 150 W. 48th St.
Published reports said McSam Hotel Group, led by veteran developer Sam Chang, paid $140 million to acquire the vacant site at 150 W. 48th from Rockefeller Group in October. JLL’s Robert Knakal and Jonathan Hageman arranged the sale on Rockefeller Group’s behalf, according to Crain’s New York Business.
Emanuel Westfried acted as the financing broker on the debt arranged for McSam. “We are pleased to continue our ongoing relationship with the McSam Hotel Group, which has repeatedly earned its reputation as a best-in-class sponsor,” said Joshua Crane, co-founder and principal of S3 Capital. “This new hotel project is positioned to be an extraordinary success.”
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- ◦Financing
- ◦Development
