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 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.
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.