Lightstone Group lands $262M loan for Times Square hotel

Firm plans to convert office building into 618-key hotel

Nov.November 01, 2017 01:15 PM

Moxy Hotel at 485 Seventh Avenue and David Lichtenstein

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 TRData LogoTINY 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.

The firm is building another Moxy-brand hotel at 105-109 West 28th Street and one at 112 East 11th Street.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Wesley Edens’s Fortress Investment Group picked up a mortgage bond portfolio for a steal (Credit: Drew Angerer/Getty Images, iStock)

Sharks circle as mortgage lenders shed portfolios at steep discounts

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

From top: the Mondrian Oriental, Soho House and Colony Club (Credit: Google Maps, iStock)

A stunning 7,300 Covid-related layoffs in two days reported to state

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

The Javits Center and 461 West 34th Street, with Marx Development Group’s David Marx (Credit: Javits Centerby Pablo Monsalve / VIEWpress via Getty Images; Google Maps)

As hotels across NYC shutter, David Marx’s fills rooms

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief