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Lightstone Secures $73M Financing for Moxy South Beach
New York-based Lightstone received $73 million in financing from Canyon Partners Real Estate LLC and CapitalSource, a division of Pacific Western Bank, to develop the seven-story, 202-key Moxy South Beach, FL. The financing package consisted of a $55 million senior loan from CapitalSource, and an $18 million preferred equity investment from Canyon.
Lightstone’s Mitchell Hochberg says, “The Moxy brand is playful, vibrant and chic and aligns perfectly with the attitude of South Beach and the travelers it attracts.”
The first Moxy-branded hotel in Florida will be located at 915 Washington Ave, two blocks from the beach on Ocean Drive. The property will be steps from South Beach’s trendy and iconic restaurants, nightlife and shopping on Washington and Collins avenues, and Ocean Drive. Moxy is Marriott’s urban lifestyle brand featuring large, active public spaces and well-designed, efficient guest rooms.
This investment marks Canyon’s fifth investment with CapitalSource and second with Lightstone.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development