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Old Posted Dec 3, 2017, 8:44 PM
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chris08876 chris08876 is online now
N, N-Dimethyltryptamine
 
Join Date: Jul 2013
Location: New Jersey - Somerset County
Posts: 28,592
Been a while since this thread has seen action on a potential hotel development.

Somewhat recent news as of May 2017.

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David Marx secures $67M refinancing for Aloft hotel site

Quote:
Developer David Marx continues to put the pieces together for an upcoming Aloft hotel at 450 11th Avenue, refinancing the project with $67 million in loans, documents recorded by the city Friday show.

Lender Cottonwood Management replaced an existing loan from Madison Realty Capital TRData LogoTINY with $55 million in new financing. Hong Kong-based Celona Asset Management provided an $11.9 million gap mortgage, records show.

The Aloft (a Starwood Hotels and Resorts brand) will have 420 rooms when construction finally wraps. It’s been a long time coming, too — Marx’s Marx Development Group first set out to build the hotel at the site just across from the Jacob Javits Center in 2007.

Marx did not immediately respond to a request for comment.
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https://therealdeal.com/2017/05/26/d...ft-hotel-site/
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