Skyscraper City Forum banner
1 - 20 of 20 Posts

·
Registered
Joined
·
4,438 Posts
Discussion Starter · #2 ·

·
Registered
Joined
·
4,438 Posts
Discussion Starter · #7 ·
Related Fund Management Lends $60M For Hotel Near Hudson Yards
http://commercialobserver.com/2014/09/related-fund-management-lends-60m-for-hotel-near-hudson-yards/



David Marx’s 399-key hotel project near the Hudson Yards megaproject got a $60 million bridge loan from Related Fund Management and Highbridge Principal Strategies. The soon-to-rise Courtyard by Marriott sits at 461 10th Avenue, near 34th Street.

Related Fund Management, a subsidiary the transformative project’s developer, The Related Companies, launched the credit platform with New York-based investment firm Highbridge last year, with plans to invest $800 million in real estate debt, especially in gap financing.

The loan will refinance and fund pre-development on the hotel, which is waiting on EB-5 funds from Manhattan Regional Center. EB-5 is a federal program that allows foreign investors to receive green cards in exchange for job-creating investments of at least $500,000 in the U.S. While EB-5 funds are cheap capital for real estate projects, sourcing the funds and receiving all the necessary approvals can involve years of administrative delays.

Related Fund Management has now invested about 40 percent of its fund distribution goal with this loan, a representative for Related told Mortgage Observer. The firm declined to provide further specifics on the deal.

Related and Oxford Property Group, the real estate arm of the Ontario Municipal Employees’ Retirement Fund, broke ground at the Hudson Yards in December 2012. The project, slated to take decades, should add more office space to New York than currently exists in the entire city of Portland, Ore.[/B]
 

·
Whiskey Tango Foxtrot
Joined
·
55,632 Posts
Design Change: 461 West 34th Street, 29-Story Marriott Courtyard Hotel



On one block in Hell’s Kitchen, two hotel projects are currently under construction. While 444 Tenth Avenue has already been revealed, specifics had still been missing for 461 West 34th Street, where several renderings for different designs had been floating around.

But now, we have the first renderings of the (hopefully) final design for the project, which is being developed by Atria Builders and Marx Development Group. Permits list the architect of record as DSM Design Group, and the building will stand 312 feet and 29 stories tall, totaling 399 rooms.

Diggers at the site:

 

·
Let's Revive our Cities
Joined
·
2,615 Posts
Still digging to build this stain on 34th Street.
 

·
Let's Revive our Cities
Joined
·
2,615 Posts
Did someone get rid of a lot of posts? Seems odd that a building next to Hudson Yards would get so little attention.
 

·
Let's Revive our Cities
Joined
·
2,615 Posts
1 - 20 of 20 Posts
Top