New York

Lightstone lands $53M construction loan for Moxy hotel

Bank of the Ozarks is backing the 37-story development

Rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/105-West-28-Street-New-York-NY-10001/1008040032-0" target="_blank" data-address="105%20West%2028%20Street%2C%20New%20York" data-label="105%20West%2028th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F105-West-28-Street-New-York-NY-10001%2F1008040032-0" data-bbl="1008040032" data-blockValue="00804" data-lotValue="0032" data-zipcode="10001" data-bldgArea="23%2C287" data-bldgDepth="94" data-bldgFront="64.34" data-landUse="Industrial%20%26%20manufacturing" data-lotArea="6%2C354" data-lotFront="64.34" data-lotDepth="98.75" data-retailArea="6%2C083" data-resArea="11%2C489" data-officeArea="1%2C907" data-garageArea="0" data-strgeArea="3%2C808" data-factryArea="0" data-otherArea="0" data-bldgClass="L8" data-primaryZoning="C6-4X" data-commercialOverlay="" data-far="10" data-buildable="63%2C540" data-airRights="40%2C284" data-propertyNeighborhood="Chelsea" data-latitude="40.7464720214459" data-longitude="-73.9909570115631" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F105-West-28-Street-New-York-NY-10001%5C%2F1008040032-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F105-West-28-Street-New-York-NY-10001%5C%2F1008040032-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">105 West 28th Street</a> (Credit: Stonehill &amp; Taylor Architects via YIMBY)

Rendering of 105 West 28th Street (Credit: Stonehill & Taylor Architects via YIMBY)

The Lightstone Group secured a $53 million construction loan from Bank of the Ozarks for its NoMad hotel development.

The bank is also taking over an existing $17 million mortgage on the property at 105-109 West 28th Street from Banco Inbursa. Lightstone is building a 37-story, 349-room Moxy hotel on the site. The building will feature a rooftop restaurant, among other amenities, and is scheduled to open next year.

Lightstone is also developing three other hotels for Moxy, a Marriott brand, in New York City: at 485 Seventh Avenue, 112 East 11th Street and at an unspecified Financial District location.

Bank of the Ozarks, a once-obscure Arkansas lender, has emerged as one of the most active backers of New York City construction lenders in recent years.  Earlier this month, the bank issued a $96 million construction loan on Broad Street Development’s Nolita residential development at 304 Mulberry Street.  [CO]Konrad Putzier

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New York

Lightstone lands $53M construction loan for Moxy hotel

Bank of the Ozarks is backing the 37-story development

Rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/105-West-28-Street-New-York-NY-10001/1008040032-0" target="_blank" data-address="105%20West%2028%20Street%2C%20New%20York" data-label="105%20West%2028th%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F105-West-28-Street-New-York-NY-10001%2F1008040032-0" data-bbl="1008040032" data-blockValue="00804" data-lotValue="0032" data-zipcode="10001" data-bldgArea="23%2C287" data-bldgDepth="94" data-bldgFront="64.34" data-landUse="Industrial%20%26%20manufacturing" data-lotArea="6%2C354" data-lotFront="64.34" data-lotDepth="98.75" data-retailArea="6%2C083" data-resArea="11%2C489" data-officeArea="1%2C907" data-garageArea="0" data-strgeArea="3%2C808" data-factryArea="0" data-otherArea="0" data-bldgClass="L8" data-primaryZoning="C6-4X" data-commercialOverlay="" data-far="10" data-buildable="63%2C540" data-airRights="40%2C284" data-propertyNeighborhood="Chelsea" data-latitude="40.7464720214459" data-longitude="-73.9909570115631" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F105-West-28-Street-New-York-NY-10001%5C%2F1008040032-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F105-West-28-Street-New-York-NY-10001%5C%2F1008040032-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">105 West 28th Street</a> (Credit: Stonehill &amp; Taylor Architects via YIMBY)

Rendering of 105 West 28th Street (Credit: Stonehill & Taylor Architects via YIMBY)

The Lightstone Group secured a $53 million construction loan from Bank of the Ozarks for its NoMad hotel development.

The bank is also taking over an existing $17 million mortgage on the property at 105-109 West 28th Street from Banco Inbursa. Lightstone is building a 37-story, 349-room Moxy hotel on the site. The building will feature a rooftop restaurant, among other amenities, and is scheduled to open next year.

Lightstone is also developing three other hotels for Moxy, a Marriott brand, in New York City: at 485 Seventh Avenue, 112 East 11th Street and at an unspecified Financial District location.

Bank of the Ozarks, a once-obscure Arkansas lender, has emerged as one of the most active backers of New York City construction lenders in recent years.  Earlier this month, the bank issued a $96 million construction loan on Broad Street Development’s Nolita residential development at 304 Mulberry Street.  [CO]Konrad Putzier

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