NEW YORK CITY—The Related Cos. and Highbridge Principal Strategies have agreed to lend developer David Marx $60 million for his plan to build a 399-room Marriott Courtyard hotel on the corner of West 34th street and 10th avenue, according to Crain’s New York Business. In total, the project is slated to cost $181 rooms and offer 385 rooms, previously reported.

Marx is using funds raised through the government’s EB-5 program to finance the project. In the meanwhile, the money from Related and Highbridge is being used as a bridge loan to do predevelopment work. Securing capital through the EB-5 program, under which developers can procure project funding from foreign investors in exchange for a green card, can be a lengthy process.

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