Marx scores $185M refinance, rebrands Hudson Yards Hotel
The Real Deal reported that David Marx has upgraded and rebranded his Hudson Yards hotel project after securing new financing from Madison Realty Capital and Cerberus Capital Management to complete construction. The 51-story, 379-key full-service luxury hotel located at 450 Eleventh Avenue in the Hudson Yards is nearing completion and is being overseen by architect DSM Design Group and general contractor Atria Builders. Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “We are pleased to provide flexible financing to Marx Development, a repeat borrower and established developer with a vast portfolio spanning multiple asset classes. Hudson Yards is one of Manhattan’s most dynamic neighborhoods, rapidly evolving into a business epicenter surrounded by an abundance of restaurant and retail opportunities. The size and quality of the property will surpass any comparable product in the market and offer premier accommodations in a supply-constrained hotel market for years to come.”
