Developer David Marx sealed a $65 million land loan deal from Joseph Moinian’s Moinian Group. The loan will finance a 399-room Marriott Courtyard Hotel that will occupy 461 West 34th Street.
The deal replaces a $60 million loan that Related Companies gave Marx last year. While the Moinian loan is similar in scale and interest rate, a different prepayment penalty policy should allow Marx more flexibility as the project moves forward. The reduced prepayment penalty “enables the developer to refinance the project once it is out of the ground through a more traditional construction loan,” real estate blog The Real Deal explains.
Marx is also planning another Hudson Yards hotel on 11th Ave. The 39-story hotel’s construction will begin in early 2016.