Marx Development Group secured a $88m loan from Mack Real Estate Credit Strategies to develop a Marriott hotel in Manhattan. The hotel will go up in the Hudson Yards mixed-use development. Plans call for a 42-story building with 441 rooms and 3,000 sq ft of retail. The 24-month financing, which will be used to recapitalize the project and cover the hotel’s final pre-development costs. Marx Development Group has raised $66m in EB-5 funds to help finance vertical construction of the hotel. Meridian Capital Group arranged the funding.
