Marx Development Group borrows adds $9M to Mack Real Estate debt at hotel site in Hudson Yards

David Marx’s Marx Development Group through the entity 37-11 Owner LLC as borrower signed a loan agreement with lender Mack Real Estate Credit Strategies through the entity CMTG Lender 17 LLC valued at $9.3 million for 1 parcel, including the tax class miscellaneous garage (G9) at 450 11th Avenue in Hudson Yards. The deal closed on February 25, 2020 and was recorded on February 28, 2020. This is a supplemental mortgage loan on top of the existing $100 million in secured debt provided by Mack, on the property.

Mack has provided approximately $370 million in debt to Marx at three properties, two in Hudson Yards  and one in Flushing.

The last time 450 11th Avenue sold was September 24, 2013, when Marx bought it for $35 million. He initially bought it in 2007 for $45 million but lost control of it to lender Lehman Brothers. 

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 hotel units. There have been 3 demolition projects filed over the past five years.
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