Lightstone Group raised $ 130 million to finance the construction of a new building. Moxy hotel on the Lower East Side of Manhattan, it became known to the Commercial Observer.
MSD Partners provided a principal loan of $ 90 million as part of the deal, while Lionheart Strategic Management – through your credit facility Real estate lending strategies Lionheart – provided a mezzanine debt of $ 40 million.
The 18-story hotel with 303 rooms is Lightstone Moxy’s fourth project in New York. The developer collaborates with Marriott International about the brand of stylish hotels.
“This deal demonstrates our commitment to the resilience and recovery of New York City and our confidence in its tourism and hospitality industry,” he said. Winston Fisher, Chairman of Lionheart Strategic Management. “With Lightstone’s extensive experience in successful Moxy developments in New York and across the country, we believe this project will benefit from its advantageous location and is well positioned to leverage the sustained tourism demand that we expect to see in New York. York. the market continues to recover from the COVID pandemic. “
“We are delighted to be joining Lionheart in providing Lightstone funding for the development of this new hotel on the Lower East Side,” he said. Jason Collander, Co-Head of Real Estate Lending and Managing Director of MSD Partners. “We believe in a new Moxy Development will be well positioned in this dynamic area, especially as New York City is recovering from a pandemic. ”
Meridian Capital Group agreed on financing.
In April 2019, Bowery Boogie announced that Lightstone had purchased the site in 145 Bowery, on the corner of Bowery and Broome Street, for about $ 57 million, and planned the Moxy Hotel, designed by Stonehill Taylor – is also the architect of the Lightstone Moxy Hotel Chelsea.
Upon completion The 127,000 square foot Lower East Side asset will be managed by Tao Hospitality Group…
Not only an active developer in New York, Lightstone Group recently announced that it has roots outside the Big Apple and establishment of an outpost in Charlotte, North Carolina
His construction lenders have also made headlines. MSD recently signed a lease for 15 years in SL Green Realty Corp.with One Vanderbilt… And just last month Lionheart provided $ 43 million Mezz Loan for Postal brothers‘ Piazza tenement portfolio in Philadelphia.
Lightstone officials did not immediately respond to a request for comment.