Hudson Yards Marriott developer secures $60M bridge loan

Project to be mostly financed via EB-5 visa program funds

New York /
Sep.September 10, 2014 04:20 PM

Developer David Marx has secured a $60 million bridge loan from the Related Companies and Highbridge Principal Strategies to complete a Marriott Courtyard Hotel in Hudson Yards.

The 399-room project is to be funded with money raised via the government’s EB-5 program, which grants visas to foreigners who invest in projects located in areas with high rates of unemployment. In the meantime, this bridge loan will go toward predevelopment work costs while the remaining EB-5 capital, which can take months to secure, is gathered.

The $60 million bridge loan is being provided through an $800 million debt platform that Related and Highbridge announced they would manage last year. They have allocated about $300 million so far, with an eye toward providing bridge loans and other financing to development projects in transition.

The Marriott Courtyard is one of two hotels Marx is building in the Hudson Yards area. The other is a 438-room Tower On West 37th Street, located across from the Javits Center. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
Peloton's Barry McCarthy, Hudson Commons (Peleton, Hudson Commons, iStock)
Peloton resorts to sublease at Hudson Commons
Peloton resorts to sublease at Hudson Commons
Steven Ross with the Deauville resort (Getty, Google Maps)
Steve Ross’ redevelopment of historic resort in Miami Beach advances
Steve Ross’ redevelopment of historic resort in Miami Beach advances
Two Manhattan West with Brookfield's Ben Brown and Clifford Chance's Evan Cohen (Brookfield Properties, Clifford Chance)
Law firm takes 144K sf at Brookfield’s Two Manhattan West
Law firm takes 144K sf at Brookfield’s Two Manhattan West
Yitzchak Tessler with 390 Concord Ave , Judge, Lawsuit
Judge rules Tessler must pay back EB-5 lenders on Bronx project
Judge rules Tessler must pay back EB-5 lenders on Bronx project
450 11th Avenue and Marx Development Group's David Marx (Marx Development Group, iStock)
Credentials faked on Hudson Yards tower, other projects: report
Credentials faked on Hudson Yards tower, other projects: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...