Sam Chang‘s McSam Hotel Group has secured an $83 million loan from Madison Realty Capital to refinance 25 West 51st Street. The hotel is located near Rockefeller Center between Fifth Avenue and Avenue of the Americas.
- Financing details: The new loan partially replaces $100.5 million in debt provided by Aareal Capital in 2016, according to the CO. The loan is split into a $64.4 million substitute mortgage and a $14.6 million gap mortgage.
- Be Smart: Josh Zegen noted that the refinancing coincides with a new equity injection into the property and a deal that sees Chang buying out the hotel’s branding partner, Club Quarters.