Hudson Yards Marriott architectural rendering Marriott branded hotel development at 450 Eleventh Ave./ Architectural rendering

NEW YORK CITY—The brisk pace of development at Hudson Yards continues to move forward. Marx Development Group obtained an $88 million loan for a Marriott hotel it’s developing in Hudson Yards. Mack Real Estate Strategies provided the 24-month loan which will recapitalize the project and cover pre-development costs. Meridian Capital Group’s managing director Shaya Ackerman and SVP Shaya Sonnenschein negotiated the loan.