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