Sam Chang Refinances JFK Holiday Inn With $35M UBS Deal



Prolific New York hotel developer Sam Chang took a $35 million CMBS loan from UBS Investment Bank to refinance his 201-key Holiday Inn New York JFK Airport Area hotel in Jamaica, Queens, Commercial Observer can first report.

SEE ALSO: New York’s Top Real Estate Financiers Talk CMBS, Global Capital and Non-Bank Lenders

The 10-year loan, which replaces debt from New York-based real estate fund manager Hudson Realty Capital, carries a fixed rate based off of the 10-year U.S. Treasury and a 25-year amortization schedule.

Meridian Capital Group Vice President Emanuel Westfried negotiated the refinancing on behalf of Mr. Chang.

“Meridian was able to make a market among traditional balance sheet lenders and the CMBS market in order to negotiate a highly-competitive, full-leverage loan for this well located hospitality asset,” Mr. Westfried said.

The two-year old Holiday Inn is located at 154-71 Brookville Boulevard, less than three miles from John F. Kennedy International Airport.

The hotel’s amenities include an on-site restaurant, 24-hour fitness center, business center, and 800-square-foot conference center

“When I make a loan I get a 9.5 percent loan,” Mr. Chang told CO by phone. “So when UBS makes me an offer for 4.75, I have to refinance it to save money.”

Additional reporting by Lauren Elkies Schram