Madison Realty Capital is the lender
Sam Chang has secured $38 million from Madison Realty Capital for his development project at 525 Eighth Avenue. Workers have already completed 20 stories of the Midtown hotel, and it should be finished in around a year, according to TRD.
Development Plans: Upon completion, the Radisson Hotel will span 106,827 square feet, and contain 320 rooms.
Flashback: Chang acquired a 99-year ground lease on the Garment District site for $27.1 million in 2016. The slumping hospitality sector isn’t causing the prolific hotel developer to slow down.