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. The size and quality of the property will surpass any comparable product in the market and offer premier accommodations in a supply-constrained hotel market for years to come.”
Construction of the property, which is nearing completion, is being overseen by architect DSM Design Group and general contractor Atria Builders. The property is located directly across the street from the recently renovated Javits Center, one of the largest and top-performing convention centers in the country and is ideally situated near multiple public transportation options including the West 34th Street subway station, Penn Station, and the Port Authority Bus Terminal.
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. The hotel will also offer best-in-class amenities including a multi-level, 7,224 square-foot restaurant with outdoor terrace space and a spa, fitness center, business center, lounge, bar, and ballroom, as well as banquet and conference spaces.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm focused on US-based commercial real estate debt and equity strategies. As of September 30, 2023, the firm manages $11.7 billion in assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed $25 billion of real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers’ unique needs with speed and certainty of execution.
Headquartered in New York City, with offices in Los Angeles and Israel, the firm has 75 employees across its real estate investment, asset management, and development disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016 and was recognized in March 2023 by PERE as the Debt Firm of the Year, North America for 2022. To learn more, follow Madison Realty Capital on LinkedIn and visit madisonrealtycapital.com.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
