{"id":1004207581,"date":"2018-02-20T07:13:33","date_gmt":"2018-02-20T15:13:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207581"},"modified":"2022-12-08T01:58:52","modified_gmt":"2022-12-08T09:58:52","slug":"mcsam-hotels-planned-queens-asset-lands-17m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcsam-hotels-planned-queens-asset-lands-17m-loan\/","title":{"rendered":"McSam Hotel&#8217;s Planned Queens Asset Lands $17M Loan"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004207591\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004207591\" data-attachment-id=\"1004207591\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mcsam-hotels-planned-queens-asset-lands-17m-loan\/capture-140\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png\" data-orig-size=\"1148,861\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"38-04 11th St. site, New York City\" data-image-description=\"&lt;p&gt;38-04 11th St. site, New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;38-04 11th St. site, New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png?w=1024\" loading=\"lazy\" class=\"wp-image-1004207591 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png\" alt=\"38-04 11th St. site, New York City\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png 1148w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capture.png?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004207591\" class=\"wp-caption-text\">38-04 11th St. site, New York City<\/p><\/div>\n<p>Madison Realty Capital (MRC) has secured a $16.5 million acquisition and development loan for a partially constructed hotel in Queen\u2019s Long Island City neighborhood. The company placed on behalf of the borrower, an affiliate of Sam Chang&#8217;s\u00a0McSam Hotel Group, a $4 million mortgage for the site\u2019s purchase and an additional\u00a0$12.5 million\u00a0for the project\u2019s completion. The financing packaging covers nearly 70 percent of the total costs.<\/p>\n<p>The site comes with building approvals and a\u00a0finalized foundation. The construction of the 148-key, 55,630-square-foot hotel is slated for completion in 15 to 18 months. The owner selected Gene Kaufman\u00a0as the architect of the project.<\/p>\n<p>Located at 38-04 11<sup>th<\/sup> St., the property offers easy access to multiple subway and bus stations, as well as parks, retailers, schools and banks.<\/p>\n<p>&#8220;<em>Long Island City\u00a0is a proven hotel market and the neighborhood as a whole continues to boom with real estate investment and development activity in all major property types,<\/em>\u201d MRC Co-Founder &amp; Managing Principal Josh Zegen said in a prepared statement.<\/p>\n<p>In another recent deal, McSam Hotel Group received a\u00a0$121.4 million construction financing package for its <a href=\"https:\/\/www.commercialsearch.com\/news\/eastern-consolidated-arranges-121m-financing-for-nyc-hotel\/\">dual-branded hotel in Manhattan<\/a>\u2019s Chelsea neighborhood.<\/p>\n<p><em>Image\u00a0courtesy of PropertyShark<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The owner used the loan for the acquisition and completion of a partially constructed hotel in the borough&#8217;s Long Island City neighborhood. <\/p>\n","protected":false},"author":741,"featured_media":1004207591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,1600,21742,10],"tags":[35872,33241,34422],"class_list":["post-1004207581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-gene-kaufman","tag-madison-realty-capital","tag-mcsam-hotel-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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