Lightstone Group has sealed $130 million in construction financing for its new Moxy hotel on the Lower East Side of Manhattan.
MSD Partners granted a $90 million senior loan in the deal, while Lionheart Strategic Management through its credit vehicle Lionheart Real Estate Credit Strategies presented $40 million in mezzanine debt.
The 18-story, 303-key hotel is Lightstone’s fourth Moxy project in New York City. The developer partners with Marriott International on the lifestyle hotel brand.
Winston Fisher, chairman of Lionheart Strategic Management stated that the transaction illustrates their commitment to the resiliency and recovery of New York City and our confidence in its tourism and hospitality industries.
In April 2019, Bowery Boogie announced that Lightstone had acquired the site at 145 Bowery, at the corner of Bowery and Broome Street, for roughly $57 million, and was planning a Moxy hotel designed by Stonehill Taylor also the architect behind Lightstone’s Moxy Chelsea hotel.
When completed, the 127,000 Sq Ft. Lower East Side asset will be operated by Tao Hospitality Group.