Lightstone Nabs $155M Refi for Moxy Chelsea
By Rebecca Baird-Remba March 27, 2019 3:26 pm
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Lightstone has already refinanced its month-old Moxy hotel at 105 West 28th Street in Chelsea for $155 million, the developer announced today.
The 35-story, 349-key Moxy Chelsea opened on Feb. 14 between Seventh Avenue and Avenue of the Americas and is the second of seven Lightstone-developed Moxy hotels in New York City. The millennial-oriented hospitality brand from Marriott is known for smaller-than-average rooms, and a slew of amenities.
LoanCore Capital and KSL Capital teamed up to provide the financing in a deal arranged by Meridian Capital Group‘s Drew Anderman and Ben Nevid. Representatives for both companies didn’t immediately respond to requests for comment.
The hotel—designed by Rockwell Group, Stonehill Taylor and Yabu Pushelberg—features micro-rooms with space-saving furniture, three different Italian restaurant concepts, and a rooftop lounge with retractable glass walls. The second-floor lobby has a conservatory lounge with a living plant wall, meeting studios, a coworking lounge and a terrace with a pizza oven and bocce.
“Moxy Chelsea is a secret garden amidst the hustle and bustle of Manhattan, providing the perfect refuge for visitors and neighborhood residents with its stylish design and exciting amenities,” Lightstone President Mitchell Hochberg said in prepared remarks. “We’re delighted to work with LoanCore and KSL on this refinancing and are pleased with their support for Moxy Chelsea.”
The first Moxy hotel was the 612-key Moxy Times Square, opened in the fall of 2017. Lightstone is also developing Moxy outposts in the East Village, Williamsburg, Brooklyn and on the Lower East Side. The development firm ran into some neighborhood controversy in the East Village when it demolished a row of historic properties on East 11th Street to make way for a 13-story, 300-key Moxy.
