The new Moxy hotel in New York moves forward with a $ 130 million building loan.
Real estate developer Lightstone Group recently received a major $ 90 million loan from MSD Partners to build a hotel on the Lower East Side at 145 Bowery, in addition to $ 40 million in mezzanine debt from Lionheart Strategic Management, according to the Commercial Observer.
The 303-bed hotel will be the fourth in New York under the Moxy brand. Upon completion, it will stand 18 floors. Other Moxy hotels in Manhattan are in Times Square, Chelsea and the East Village. All were also developed by Lightstone, which is a partner of the Marriott International brand.
The fifth Moxy location is planned for 353 Bedford Avenue in Williamsburg.
Lightstone acquired plot 145 of Bowery in April 2019. about $ 57 million… Stonehill Taylor, who worked on the Chelsea brand hotel, has been listed as an architect. When completed, this 127,000 square foot facility will be operated by the Tao Hospitality Group.
Senior lender MSD just signed Rent for 15 years on the 26th floor of SL Green’s One Vanderbilt, while Lionheart postpone a $ 43 million mezzanine loan for Piazza, a multi-family portfolio based in Philadelphia.
All participants in the loan are looking forward to the future success of the New York hospitality business, which is currently in a doldrums. City recently saw my best week since the start of the pandemic, but is still struggling amid a slow recovery in tourism.
[CO] – Holden Walter-Warner