MRC PROVIDES $40.2M LOAN TO RECAPITALIZE HUDSON YARDS PROJECT

NEW YORK CITY — Madison Realty Capital (MRC) has closed a $40.2 million loan to fund the payoff of a discounted existing $50 million acquisition loan on the Hudson Yards development in Manhattan. Additional proceeds of the loan will be used to fund predevelopment costs for a 265,000-square-foot hotel project on the site, which is located on the corner of 37th Street and 11th Avenue. When constructed, the 420-room hotel will feature several food and beverage outlets, as well as meeting space. The project is one of the many new developments at Hudson Yards. After the 2005 rezoning, the area now has capacity for approximately 26 million square feet of new office development, 20,000 units of housing (of which almost 5,000 units will be affordable), 2 million square feet of retail space and 3 million square feet of hotel space.