Lightstone Group lands $262M loan for Times Square hotel

Firm plans to convert office building into 618-key hotel

New York /
Nov.November 01, 2017 01:15 PM

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

arrow_forward_ios
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
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
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
(Photo illustration by The Real Deal)
This office redeveloper is going all in
This office redeveloper is going all in
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)
Governors Island redevelopment opposed as excessive
Governors Island redevelopment opposed as excessive
Gov. Andrew Cuomo (Getty, iStock, NY State Budget)
Cuomo proposes tax credits for restaurants, income tax increases
Cuomo proposes tax credits for restaurants, income tax increases
Union Square Park to gain 2 acres in $100M plan (Getty_
Union Square Park to gain 2 acres in $100M plan
Union Square Park to gain 2 acres in $100M plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...