September 15, 2017
Marx Development Group has received the $55 million secured credit facility it will need to build its planned 420-key Aloft Hotel, a Starwood Hotels and Resorts brand, at Hudson Yards on the Far West Side of Manhattan.
Cottonwood Group and CCB International closed on a the credit facility for the new hotel project at 450 11th Ave.
“We are pleased to partner with Cottonwood on our debut real estate investment in the United States, and in particular in the dynamic Hudson Yards neighborhood of New York,” said Richard Cheng, vice president for CCBI’s US division. CBBI is a wholly owned subsidiary of the China Construction Bank.
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