Financing for the Centre City project’s hotel has been approved, but the status of the hotel is not finalized, according to its developer.

Jeff Schmitz, the president of J.S. Capitol Construction, said NexTier Bank is financing the 80-room Marriott Springhill Suites hotel set to be built at the corner of East Jefferson and South McKean streets.

J.S. Capitol, the developer of the project, was seeking a $3 million construction loan. The company will own 60 percent of the finished hotel.

But Schmitz said there are still some issues to work out concerning the project.

“(NexTier Bank) did approve the loan. However, we have a few items that we will address next week and hopefully move forward with the hotel,” he said.

While the hotel is not yet a done deal, Schmitz was optimistic it will be finalized soon.

“We are in a good place and will be ready to move forward next week I hope,” he said.

The city redevelopment authority is set to contribute about $2 million of already approved state funds to construction of the hotel. It will be a 40 percent owner of the finished hotel.