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Sam Chang lands financing for 525 Eighth Avenue

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.

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