S3 Capital Partners provided the debt
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.