The Real Deal New York

David Marx secures $67M refinancing for Aloft hotel site

Long-stalled project on 11th Avenue slowly coming to life
By Will Parker | May 26, 2017 11:40AM

David Marx and renderings of 450 11th Avenue in Hudson Yards (credit: DSM Design Group)

Developer David Marx continues to put the pieces together for an upcoming Aloft hotel at 450 11th Avenue, refinancing the project with $67 million in loans, documents recorded by the city Friday show.

Lender Cottonwood Management replaced an existing loan from Madison Realty Capital TRData LogoTINY with $55 million in new financing. Hong Kong-based Celona Asset Management provided an $11.9 million gap mortgage, records show.

The Aloft (a Starwood Hotels and Resorts brand) will have 420 rooms when construction finally wraps. It’s been a long time coming, too — Marx’s Marx Development Group first set out to build the hotel at the site just across from the Jacob Javits Center in 2007.

Marx did not immediately respond to a request for comment.

Last year, Marx unveiled new renderings for the project. He’s also building a 399-key hotel close-by at 461 West 34th Street in a crowded Midtown hotel market.

In March, Marx raised $61 million on the Israeli bond market, funds he used to pay down debt on assisted living facilities under ownership in the outer boroughs.