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Warriors owner Joe Lacob sells two Atherton homes for $41MWarriors owner Joe Lacob sells two Atherton homes for $41MBrookfield gives up on DTLA office after defaulting on $1.1B in debtBrookfield gives up on DTLA office after defaulting on $1.1B in debtVeritas to bid on its own debt for 95 SF apartment buildingsVeritas to bid on its own debt for 95 SF apartment buildingsSmall-time multifamily investors go belly-upSmall-time multifamily investors go belly-up
New York

Lightstone lands $53M construction loan for Moxy hotel

Bank of the Ozarks is backing the 37-story development

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.

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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

Tags
Bank OZKLightstone Group

TRENDING

Warriors owner Joe Lacob sells two Atherton homes for $41MWarriors owner Joe Lacob sells two Atherton homes for $41MBrookfield gives up on DTLA office after defaulting on $1.1B in debtBrookfield gives up on DTLA office after defaulting on $1.1B in debtVeritas to bid on its own debt for 95 SF apartment buildingsVeritas to bid on its own debt for 95 SF apartment buildingsSmall-time multifamily investors go belly-upSmall-time multifamily investors go belly-up
New York

Lightstone lands $53M construction loan for Moxy hotel

Bank of the Ozarks is backing the 37-story development

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

Tags
Bank OZKLightstone Group