New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Meridian Secures Loan for Hotel Project in Hudson Yards District
Mack Real Estate Credit Strategies has provided $88 million in predevelopment financing to Marx Development Group (MDG) in a deal arranged by Meridian Capital Group. Meridian’s Shaya Ackerman and Shaya Sonnenschein negotiated the 24-month loan for a Marriott-branded hotel development site in Manhattan’s Hudson Yards district.
“The seamless navigation by Shaya Ackerman, and his excellent relationship with Mack is what allowed this transaction to close smoothly,” said MDG principal David Marx. “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.”
EB-5 funds totaling $66 million are being raised through the sponsor’s regional center, Manhattan Regional Center, for the vertical construction of the project. When completed in late 2019, it will rise 42 stories above Eleventh Avenue, and contain 441 keys.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
