Lawyers from Cole Schotz represented Mcsam
in the loan negotiations.
, a leading hotel developer in New York, plans to complete construction of the building within approximately 15-18 months.
The site, at 33 Beekman Street, sits across the street from Frank Gehry's brand-new 8 Spruce Street rental tower and traded June 15 for roughly $15.7 million -- around 29 percent less than the $22 million McSam
paid to acquire it in early 2007, public records indicate.
A person who picked up the phone at McSam
Hotel Group declined to comment.
The deal is the 10th hospitality financing package arranged by Eastern Consolidated in the last 24 months, and fourth on behalf of the McSam
Gary Wisinski, chief operating officer of McSam
Hotel Group, said he expects the deal to close this month.
With just nine hotels and 2,200 rooms in 2007, Lower Manhattan seemed ripe for development, and nearly every big hotel player, from McSam
to Lam Group, wanted in.
In a Webcast last month, The Real Deal's Jen Benepe spoke to Sam Chang, CEO of the McSam
Hotel Group, about how he's dealing with the tanking hotel industry and how it's pushed his plans to retire at age 50 back a few years.
Eastern Consolidated's Capital Advisory Division arranged a debt and equity package for the construction of the 25-story, 520-key Hyatt Place Hotel at 350 West 39th Street for Chang's Mcsam
The king of budget lodging, Sam Chang, CEO of the McSam
Hotel Group, is moving forward with plans to build three budget hotels in the borough.
Sam Chang, of the McSam
Hotel Group is the developer.
The CEO of the McSam
Hotel Group, Sam Chang, says his loose plans to retire at age 50 next year will have to be bumped back because of the recession.