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 in an e-mail that NexTier Bank approved on Tuesday financing for 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 in an e-mail that there are still some issues to work out concerning the project.

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

Schmitz added the issues are internal within his company.

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.

Schmitz did not elaborate on what needs to be addressed with the project.

Paul Dunn, the project manager for the hotel, said that the company is “very close” to finalizing the project and that he will be able to comment on it next week.

The city redevelopment authority was informed Thursday by the developer that the financing was approved with “minor contingencies,” according to Veronica Walker, operations manager with the authority.

The 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.

Schmitz had previously said if financing was approved by NexTier then construction of the hotel could potentially begin this fall. The hotel would take about 12 to 16 months to complete.

The approval of the funding prevented a potential delay that would have pushed the start of construction into next year. The developer previously said if NexTier hadn’t approved financing, the process to go through another bank would have taken several more months.

The new Rite Aid Pharmacy that is part of the project is under construction along Main Street. The store is set to open in October.

A proposed 225-lot parking garage to be built at the corner of East Cunningham and South McKean streets is the next piece of the project to be finalized. J.S. Capitol expects to finance the garage itself then sell it to the city parking authority a year after it is completed.