Marx Development Group has received $88 million in financing from Meridian Capital Group for a Marriott-branded hotel in the Hudson Yards neighborhood.
The loan recapitalizes the project to cover final pre-development costs for the 235,000-square-foot hotel. Marx Development is also raising EB-5 funds totaling $66 million through Manhattan Regional Center for the vertical construction of the project.
Located at 450 Eleventh Ave. on the corner of West 37th St. in Hudson Yards, the hotel will feature 42 stories and 441 rooms and 3,000 square feet of retail. It will also feature a business center, lounge, restaurant, banquet rooms, and outdoor meeting space.
Construction of the hotel is expected to complete in late 2019.