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Lightstone Secures $130M Financing for Latest Moxy Hotel Project
MSD Partners, L.P. and Lionheart Strategic Management LLC have closed on approximately $130 million in financing to the Lightstone Group to capitalize the ground-up construction of Lightstone’s Moxy hotel on Manhattan’s Lower East Side. The 303-key project will be Lightstone’s fourth Moxy in New York City.
The financing includes a $90-million senior loan provided by MSD and a $40-million mezzanine loan provided by Lionheart through its current credit vehicle, Lionheart Real Estate Credit Strategies LLC. Meridian Capital Group’s Drew Anderman and Benjamin Nevid represented the sponsors.
“With Lightstone’s strong track record of successful Moxy developments in New York and across the country, we believe this project will benefit from its prime location and is well positioned to capitalize on robust leisure tourist demand that we anticipate New York City will achieve as the market continues to recover from the effects of the COVID pandemic,” said Lionheart chairman Winston Fisher.
- ◦Development
- ◦Financing
