Prolific hotelier Sam Chang‘s McSam Hotel Group secured a roughly $25 million bridge loan to fund the acquisition of a development site on 37th Street between Eighth and Ninth Avenues.
The 10,000-square-foot parking lot at 326 West 37th Street will become a Gene Kaufman-designed hotel with 242 rooms, according to the architect’s office. At 22 stories, the hotel will have a gym, meeting room and ground-level restaurant/bar. The brand is still to be determined. Read more on the Commercial Observer.