US-based Madison Realty Capital has provided Marx Development with a $133m (€123m) loan to help complete a 51-storey luxury hotel project in New York.

The real estate private equity firm focused on debt and equity investment strategies said it originated the mortgage loan to an affiliate of Marx Development for the completion of the hotel located at 450 Eleventh Avenue in the Hudson Yards neighbourhood 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.”

Zegen said 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”.

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