Mack Real Estate borrows $20M from Axos secured by David Marx debt in Hudson Yards

Mack Real Estate Credit Strategies borrowed $20 million from Axos Bank secured by a $109.5 million loan Mack provided to Marx Development on 1 parcel, including the tax class miscellaneous garage (G9) at 450 11th Avenue in Hudson Yards. The deal closed on October 21, 2020 and was recorded on November 2, 2020.
This is a collateral loan.
David Marx’s Marx Development obtained a $100 million refinancing of its debt in August 2019 and in February 2020 added $9.25 million, both loans from Mack Real Estate Credit Strategies. The last time the property sold was September 24, 2013, for $35,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 212,633 square feet. Those plans include a total of 379 residential or hotel units. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link