Sam Chang's Times Square Hotel Lands $42M Webster Bank Loan

Sam Chang’s McSam Hotel Group has closed on a $42 million loan from Webster Bank, National Association, against its newly finished hotel at 223 West 46th Street in Times Square. Borrower entity SCLB 46th Street LLC, McSam’s affiliate for the project, signed the agreement August 12 and recorded it in city property records August 19, according to ACRIS.

Why it matters

The loan lands as the 20-story, 200-room SpringHill Suites by Marriott, designed by Gene Kaufman Architects, is complete and taking guests just off Times Square. Chang, whose McSam Hotel Group has opened more than 70 hotels across the city, built the tower on a former parking lot between Broadway and Eighth Avenue. A construction loan is typically the riskiest phase of a hotel’s financing, and this record shows McSam replacing it once the building is finished and generating revenue, the point in a project’s life when a bank is willing to lend against it as a stabilized asset rather than a work in progress.

The numbers

The $42,000,000 agreement, recorded under CRFN 2026000234715, was filed in the same package as a $7,617,103.31 mortgage and a matching $42,000,000 assignment of leases and rents, all against the same lot: Manhattan block 1018, lot 16. That structure, new money layered onto an existing balance and consolidated into one total, means the loan resolves the site’s prior debt rather than adding to it. ACRIS shows that debt was a $35 million construction loan McSam took from State Bank of Texas in February 2023, which itself consolidated $20 million in new money with roughly $15 million carried over from two 2021 loans. Webster Bank is now the lender of record on the property.

What’s next

The hotel joins Chang’s long run of Times Square-area budget and mid-priced properties, a track record built largely on sites in New York that other developers passed over. With the loan resolving the construction financing, the next test for 223 West 46th Street is operating performance, the numbers that will decide whether McSam holds the asset, sells it, or refinances again.