Deutsche Bank has provided $215 million in financing to McSam Hotel Group to refinance a hotel development on Manhattan’s west side, city property records show.
The loan takes out $108 million in short term financing secured in March of last year, which included a $83.5 million senior loan from Bank of the Ozarks and a $24.5 million mezzanine loan from Square Mile Capital Management.
McSam, headed by hotel development mogul Sam Chang, purchased a seven-story, 58,000 sq ft parking garage at the site, 346-354 West 40th Street, for $26.25 million in late 2013.
The plan is to build a boutique hotel that will reportedly rise 35 stories and accommodate up to 600 rooms. The site is located near the up-and-coming Hudson Yards development, a 28-acre swath of land that will offer more than 17m sq ft of office, retail, residential and hotel space.
Among other hotel deals, in May Deutsche Bank provided $38 million in first mortgage financing for Marina del Rey Hotel, a 164-room, full service, boutique hotel in Marina del Rey, California. Last year the bank provided a $250 million loan to refinance the 1 Hotel South Beach in Miami Beach, Florida.