Marx Development Group has landed an $88 million construction loan for a Marriott hotel it is building in Hudson Yards.
Mack Real Estate Credit Strategies provided the 24-month financing, which will be used to recapitalize the project and cover the hotel’s final pre-development costs, sources told The Real Deal. Developer David Marx has already raised $66 million of EB-5 funds to help finance vertical construction on the hotel.
Shaya Ackerman and Shaya Sonnenschein of Meridian Capital Group arranged the debt.
The Marriott will be located at 450 11th Avenue on the corner of West 37th Street. It will span about 235,000 square feet and stand 42 stories tall with 441 rooms and 3,000 square feet of retail.
Several luxury hotels have started cropping up in Hudson Yards as major companies such as Amazon and Wells Fargo commit to establishing a presence in the neighborhood. Pendry Hotels is planning a 164-key project at Manhattan West, while other projects include an Equinox Hotel the High Line Hotel and Pestana CR7, which soccer star Cristiano Ronaldo is co-branding.
Marx Development previously secured a $60 million bridge loan from Related Companies and Highbridge Principal Strategies in 2014 for a Marriott Courtyard at the corner of 10th Avenue and West 34th Street.