MRC delivers financing to allow borrower, renowned hospitality developer McSam Hotel Group, to recapitalize and rebrand well-located NYC asset
NEW YORK, Aug. 16, 2019 /PRNewswire/ -- Madison Realty Capital provided an $83 million loan to recapitalize a 230-room hotel at 25 West 51st Street in Midtown Manhattan, located across from Rockefeller Center and in the heart of one of the highest trafficked tourist areas in New York City.
Loan proceeds allowed the borrower, renowned hotelier Sam Chang, to retire the existing debt on the property and transition the hotel to another brand. Mr. Chang is the founder and chairman of McSam Hotel Group, a Long Island-based hotel development firm. The transaction closed within a rapid three-week timeframe.
"The combination of this project's unbeatable midtown location and highly-regarded sponsor formed an incredibly attractive financing opportunity for MRC," said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. "We've closed previous deals with The McSam Hotel Group and their track record for developing and redeveloping successful hotels speaks for itself. In this case, we were able to step up and close quickly to finance this first-class hotel product, just steps away from some of the most highly-trafficked tourist attractions in the world. We are pleased to provide the capital needed to complete the borrower's vision for this high-profile repositioning."
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on debt and equity investment strategies. Founded in 2004, MRC has closed on approximately $11 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer's prestigious "Power 100" list of New York City real estate players and is consistently cited as one of the industry's top construction lenders.
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