Madison Realty Capital Provides $83M Loan for Midtown Hotel
McSam Hotel Group has obtained the financing as borrower to reposition the 230-room asset.
NEW YORK – Madison Realty Capital has provided $83 million in financing to recapitalize and rebrand a Midtown Manhattan hotel.
Renown hotelier, Sam Chang of hotel development firm, McSam Hotel Group, will utilize the obtained capital to retire existing debt on the property and revitalize and transition the New York City asset to another brand.
The 230-room hotel is located at 25 West 51st Street in the high-traffic tourist area across from Rockefeller Center.
The transaction was quickly closed within three weeks.
Madison Realty Capital, founded in 2004, is a private equity real estate firm based in New York City. The firm specializes in debt and equity investment strategies and has closed a total of $11 billion in transactions across multifamily, retail, office, industrial and hotel sectors.