Lightstone takes $91M loan for Moxy project in East Village

Bank of the Ozarks is financing the 311-key hotel at 112 East 11th Street

TRD NEW YORK /
Mar.March 05, 2018 01:35 PM

Moxy hotel East Village at 112 East 11th Street and David Lichtenstein (Credit: Stonehill & Taylor Architects)

David Lichtenstein’s Lightstone Group landed $91 million in financing for its latest Moxy hotel project, property records filed with the city Monday show.

Bank of the Ozarks provided the debt for the upcoming 311-key hotel at 112 East 11th Street, to be called Moxy East Village. The financing includes $63.1 million in new loans as well as an existing $27.9 million loan from Goldman Sachs that Bank of the Ozarks will now assume. Goldman Sachs previously provided $85 million to Lightstone for the project.

A spokesperson for Lightstone did not immediately return a request seeking comment.

The 13-story building at 112 East 11th Street will span about 78,000 square feet. The hotel is expected to open later this year.

Lightstone acquired the site from Pan Am Equities in 2016, paying $127 million for a portfolio of six East Village buildings.

Moxy is Marriott’s national brand of “affordable luxury” hotels. Lightstone is developing two other Moxy hotels in Manhattan, at 485 Seventh Avenue and 105-109 West 28th Street. The company has planned another location for the Financial District.


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