The Lightstone Group just nabbed a $262.2 million financing package for its conversion of a Times Square office building into a new hotel.
Goldman Sachs provided a new $57.2 million gap mortgage for the firm’s Marriott Moxy Hotel at 485 Seventh Avenue, which consolidates $205 million in previous financing, documents filed with the city’s Department of Finance show. Square Mile Capital Management issued the $205 million construction loan last year, alongside $125 million in capital from two unnamed institutional investors.
Representatives for Lightstone could not immediately be reached for comment.
Lightstone bought the 16-story office building in 2014 for $182 million, property records show. The firm plans to convert the property into a 618-key hotel. In March, the New York Post reported that the Tao Group struck a deal with Lightstone to open restaurants and bars in the hotel.