Real Estate Weekly
Image default
Construction & Design Debt & Equity Featured

Hotel loan for McSam site

Pembrook Capital Management LLC announced the closing of a $24.8 million bridge loan to fund the acquisition by McSam Hotel Group of a Manhattan development site.

Located on West 37th Street between Eighth and Ninth Avenues, the current parking lots will be developed into a hotel.

326 West 37th Street rendering
326 West 37th Street rendering

The site is situated in what is considered to be one of Manhattan’s hottest growth areas, in close proximity to Hudson Yards and the Javits Center, and will benefit from ongoing transportation improvements that are transforming the neighborhood.

“In recent months we have responded to the increasing demand for first mortgage bridge financing, both here in New York and in other U.S. markets,” said Stuart J. Boesky, CEO of Pembrook.

“Experienced sponsors are in the market acquiring development sites and looking for debt financing. With this site in particular, we are financing a well-located parcel for a group that has a lengthy track record of development projects in New York.”

Pembrook works with real estate developers and investors to deliver financing for new construction, acquisition, and repositioning, focusing on primary and secondary markets with high barriers to entry.

Since inception, Pembrook has originated or participated in over 65 investments totaling in excess of $700 million.

(Visited 1 times, 1 visits today)

Related posts

City poised to ban gas in new construction


Landlords rail over push to ban criminal background checks on tenants


Goldcrest acquires $39M PA rental complex