An affiliate of Mack Real Estate Credit Strategies (MRECS) provided a $199 million loan to refinance the Courtyard by Marriott Hudson Yards hotel, recently built by companies affiliated with hotelier David Marx. The loan will be used to take out a construction loan and other previous financing ahead of the hotel’s planned opening this month.
The Courtyard by Marriott Hudson Yards is a newly constructed 399-key hotel in Hudson Yards. The property stands 29 stories high and has a restaurant, meeting space, a fitness center, and ground floor retail space, which will be occupied by a Chase bank. the Courtyard by Marriott Hudson Yards will have a direct connection to the 34th Street-Hudson Yards subway station, the primary public transportation hub for the area.
Related Companies, the developer of Hudson Yards, is currently building 8.5 million square feet office space, 1 million square feet of retail, and 2 million square feet of residential within the community. Additional development around Hudson Yards includes Brookfield’s Manhattan West (7 million s/f) and Tishman Speyer’s The Spiral building (2.8 million s/f). Nearby is the Javits Center, which recently underwent a $463 million renovation and expansion and added 100,000 s/f, and plans are underway to expand the facility by a further 1 million s/f.