Madison Realty Capital Originates $133 Million Mortgage Loan for 379-Unit Hotel in Manhattan’s Hudson Yards
NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $133 million mortgage loan to an affiliate of Marx Development Group for the completion of a 51-story, 379-key full-service luxury hotel located at 450 Eleventh Avenue in the Hudson Yards neighborhood of Manhattan.
- NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $133 million mortgage loan to an affiliate of Marx Development Group for the completion of a 51-story, 379-key full-service luxury hotel located at 450 Eleventh Avenue in the Hudson Yards neighborhood of Manhattan.
- 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.
- Upon completion, the hotel will comprise a unit mix of 61 double queens, 267 kings, 41 king corner suites, four luxury suites, and six luxury duplex suites with unobstructed views of the Hudson River.