{"id":1004234596,"date":"2018-06-13T02:14:53","date_gmt":"2018-06-13T10:14:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004234596"},"modified":"2022-12-09T02:42:43","modified_gmt":"2022-12-09T10:42:43","slug":"marx-development-gets-88m-in-financing-for-hudson-yards-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/","title":{"rendered":"Marx Development Gets $88M in Financing for Hudson Yards Hotel"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004234598\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004234598\" data-attachment-id=\"1004234598\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/marriott-branded-hotel-at-hudson-yards\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Marriott-branded hotel at Hudson Yards\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Marriott-branded hotel at Hudson Yards&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg?w=800\" class=\"wp-image-1004234598 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg\" alt=\"Marriott-branded hotel at Hudson Yards\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004234598\" class=\"wp-caption-text\">450 11th Ave.<\/p><\/div>\n<p>A 42-story, 235,000-square-foot Marriott-branded hotel planned by Marx Development Group for the $20 billion mixed-use Hudson Yards project on Manhattan\u2019s Far West Side has received $88 million in financing from Mack Real Estate Credit Strategies.&nbsp;<\/p>\n<p>The 24-month loan was arranged by Meridian Capital Group and recapitalizes the project to cover the final pre-development financing. Meridian Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein, both based in the company\u2019s New York City headquarters, negotiated the loan.<\/p>\n<p>MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel\u2019s vertical construction.<\/p>\n<p>Located at 450 11<sup>th<\/sup> Ave. on the corner of West 37<sup>th<\/sup> Street in Hudson Yards, the 441-key hotel will feature 3,000 square feet of retail as well as a business center, lounge, restaurant, banquet rooms and outdoor meeting space. It\u2019s located directly across from the Jacob K. Javits Convention Center, which is finishing its $1 billion renovation and expansion.<\/p>\n<p><em>\u201cThe seamless navigation by Shaya Ackerman, and his excellent relationship with Mack is what allowed this transaction to close smoothly,\u201d <\/em>David Marx, principal of Marx Development Group, said in a prepared statement.<\/p>\n<p>Meridian stated the Ackerman team has closed hundreds of deals aggregating to over $3 billion since it joined the national commercial real estate finance and advisory firm in 2015.<\/p>\n<h2>Meridian, MDG moves<\/h2>\n<p>Meridian also recently arranged the&nbsp;financing for MDG\u2019s acquisition of four skilled nursing facilities in Indiana. Other MDG projects in Manhattan include the 29-story, 399-key Marriott hotel at 461 W. 34<sup>th<\/sup> St., which recently obtained Chase Manhattan Bank as a retail tenant on the ground floor.<\/p>\n<p>Last week, Meridian <a href=\"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-240m-loan-for-nyc-office-tower\/\">arranged $240 million in financing<\/a> on behalf of the Hakimian Organization, owner of an 11-story office building at 636 11<sup>th<\/sup> Ave. in Manhattan. Hakimian is using the proceeds from the 10-year loan to refinance the 560,000-square-foot property. Also in New York, Meridian secured <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-48m\/\">$48 million in CMBS financing<\/a> in January for an office building in Manhattan\u2019s Soho neighborhood.<\/p>\n<p>MDG expects construction of its hotel in Hudson Yards to be completed in late 2019. The first hotel to open in the 18 million-square-foot mega-development was <a href=\"https:\/\/www.commercialsearch.com\/news\/hy36-reshapes-nycs-skyline\/\">Crowne Plaza HY36.<\/a> Located at 320 W. 36<sup>th<\/sup> St., the hotel opened in November. Designed by hospitality architecture firm Stonehill Taylor, it is owned by LRR Holdings and managed by InterContinental Hotels Group.<\/p>\n<p>Construction on 15 Hudson Yards and 55 Hudson Yards, a condo and office building, are expected to be completed by the end of this year. Another office building, 50 Hudson Yards, should be finished by 2022. The 1.8 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/nycs-10-hudson-yards-achieves-leed-platinum-status\/\">10 Hudson Yards<\/a>, the first office building to be completed at the development being built by Related Cos. and Oxford Properties Group, recently received LEED Platinum certification.<\/p>\n<p><em>Rendering courtesy of&nbsp;Meridian Capital Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meridian Capital Group secured the 24-month term loan from Mack Real Estate Credit Strategies. The developer plans a 42-story, Marriott-branded property across from the Javits Center on Manhattan&#8217;s Far West Side.<\/p>\n","protected":false},"author":1068,"featured_media":1004234598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21751,1600,21742,10],"tags":[33105,40638,33877,33375,33635],"class_list":["post-1004234596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-hudson-yards","tag-mack-real-estate-credit-strategies","tag-marriott","tag-meridian-capital-group","tag-shaya-ackerman"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marx Development Gets $88M in Financing for Hudson Yards Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marx Development Gets $88M in Financing for Hudson Yards Hotel\" \/>\n<meta property=\"og:description\" content=\"Meridian Capital Group secured the 24-month term loan from Mack Real Estate Credit Strategies. The developer plans a 42-story, Marriott-branded property across from the Javits Center on Manhattan&#039;s Far West Side.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-13T10:14:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:42:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Marriott-branded-hotel-at-Hudson-Yards.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/\",\"name\":\"Marx Development Gets $88M in Financing for Hudson Yards Hotel - 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