{"id":1004198880,"date":"2017-12-01T06:45:01","date_gmt":"2017-12-01T14:45:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004198880"},"modified":"2022-12-08T16:23:13","modified_gmt":"2022-12-09T00:23:13","slug":"lightstone-lands-260m-refi-for-times-square-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lightstone-lands-260m-refi-for-times-square-hotel\/","title":{"rendered":"Lightstone Lands $260M Refi for Times Square Hotel"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004198881\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004198881\" data-attachment-id=\"1004198881\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lightstone-lands-260m-refi-for-times-square-hotel\/moxy-exterior-final\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg\" data-orig-size=\"1602,1308\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Lightstone&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;(PRNewsfoto\/Lightstone)&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Moxy-Exterior-final&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Moxy-Exterior-final\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Image courtesy of Lightstone.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg?w=1024\" class=\"size-medium wp-image-1004198881\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg\" alt=\"Image courtesy of Lightstone.\" width=\"300\" height=\"245\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg 1602w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg?resize=300,245 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg?resize=768,627 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg?resize=1024,836 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Moxy-Times-Square-Manhattan-e1512139448619.jpg?resize=1536,1254 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004198881\" class=\"wp-caption-text\">Image courtesy of Lightstone.<\/p><\/div>\n<p>Lightstone knows how to reel in the big bucks for its portfolio of new Moxy-branded hotels. The real estate investor and developer recently landed $262 million in funds for the refinancing of Moxy Times Square, marking the second financing deal this year for the group of four Moxy hotels planned for New York City.<\/p>\n<p>Goldman Sachs provided the funds for the refinancing of the 612-room Moxy Times Square, allowing Lightstone to repay the original $205 million construction loan from Square Mile and Bank of the Ozarks. <em>\u201cOur close relationship with Goldman Sachs has been and continues to be instrumental across our wide-ranging portfolio,\u201d<\/em> Mitchell Hochberg, president of Lightstone, said in a prepared statement.<\/p>\n<p>Lightstone developed Moxy Times Square, the flagship U.S. property of the Millennial-focused brand, in partnership with Marriott, giving the century-old former New Mills Hotel a brand-new life. Sited at 36th St. and 7th Ave., the 17-story lodging destination made its debut in September of this year.<\/p>\n<p><strong>MAD ABOUT MOXY<\/strong><\/p>\n<p>The Moxy brand, launched by Marriott in 2014 as a stylish-but-affordable line of hotels with a focus on communal spaces, appears to be a winner for Lightstone when it comes to getting the lending community\u2019s attention. In early 2016, the company secured $125 million of capital from two institutional investors for Moxy Times Square, a transaction <a href=\"https:\/\/www.commercialsearch.com\/news\/lightstones-times-square-south-moxy-hotel-fetches-330m-financing\/\">announced simultaneously<\/a> with the Square Mile loan. And almost precisely one year ago, Lightstone obtained financing from Bank of the Ozarks and an institutional investor for the <a href=\"https:\/\/www.commercialsearch.com\/news\/lightstone-secures-financing-for-moxy-hotel\/\">development of the 349-key Moxy Nomad<\/a> on 28th St., the second property in the company\u2019s Moxy collection.<\/p>\n<p>With two additional hotels scheduled to join the Times Square and NoMad locations, Lightstone will add an aggregate 1,500 rooms to the New York City lodging market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs provided the refinancing for the 612-key Moxy Times Square, which made its debut in September of this year. <\/p>\n","protected":false},"author":969,"featured_media":1004198881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,1600,21742,10],"tags":[33435,33258],"class_list":["post-1004198880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-goldman-sachs","tag-lightstone-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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