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Sam Chang lands financing to develop 292 Fifth Avenue

S3 Capital Partners provided the debt

Rendering of 292 Fifth Avenue (Credit: Ondel/CityRealty)

Sam Chang’s McSam Hotel Group has secured a $76 million construction loan from Spruce Capital Partners (AKA S3 Capital Partners) for 292 Fifth Avenue.

Property details: Upon completion, the hotel will span 88,000 SF, and contain 180 hotel rooms, plus 17 apartments.

Flashback: Chang acquired the development site from Richard Born for $42.5 million in 2016. It’s located between West 30th and West 31st Streets.

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