Mack Real Estate provided the debt
Marx Development Group has secured an $88 million construction loan from Mack Real Estate Credit Strategies for 450 11th Avenue. Upon completion, the 441-key Marriott hotel will span 235,000 SF, plus 3,000 SF of retail.
Worth Noting: The financing will be used to recapitalize the project and cover the project’s final pre-development costs. This is in addition to the $66 million of EB-5 funds Marx has already raised, according to TRD who first reported the news.
Be Smart: With major companies such as Amazon and Wells Fargo already committed to the Hudson Yards, this hotel should do well.