Meridian Capital Group arranged $88 million in financing for a Marriot hotel site in Hudson Yards on behalf of Marx Development Group (MDG).
The 24-month loan, provided by Mack Real Estate Credit Strategies, was negotiated by managing director Shaya Ackerman and senior vice president Shaya Sonnenschein.
The loan will cover final pre-development costs for the hotel. EB-5 funds totaling $66 million are already in the process of being raised through the sponsor’s regional center, Manhattan Regional Center, for the vertical construction.
David Marx, principal of Marx Development Group, commented, “The Hudson Yards project is years in the making and we feel humbled to be a part of the group of developers, including The Related Group, Tishman Speyer, Brookfield, and Moinian, who are manifesting this vision to reality.”
Located at 450 Eleventh Avenue on the corner of West 37th Street in Hudson Yards, the hotel will span 235,000 s/f in 42 stories and contain 441 rooms and 3,000 s/f of retail when completed.
Construction of the hotel is expected to conclude in late 2019.