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New York & Tri-State  + Downtown New York  + Hospitality  | 

S3 Makes Loan for Sam Chang Project in NoMad

S3 Capital Partners, the bridge financing arm of Spruce Capital Partners, has arranged a $76-million first lien construction loan for Sam Chang’s McSam Hotel Group on a boutique property going vertical at 292 Fifth Ave. in Manhattan’s NoMad neighborhood. The hotel will consist of 182 keys and a restaurant.

“Sam has an unparalleled track record of building high quality hotel developments in New York City,” said Robert Schwartz, co-founder of S3 and Spruce. “We are also excited about the introduction of a new upscale hotel brand in NoMad, given the strong demand for hotel rooms in that neighborhood.”

The 21-story, 87,655-square-foot property is being designed by Gene Kaufman Architect. It will be flagged as an upscale boutique brand, with construction scheduled for completion in summer 2019.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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