· Super Moderator
Square Mile Capital Management LLC has acquired a $31.8 million mezzanine loan in face value for financing the development of the future Moxy Hotel at 105-109 West 28th Street in Chelsea.
A subsidiary of Marriott International, who originated the mezzanine debt in December 2016, was the seller.
Lightstone has topped out the second of four Moxy hotels it’s developing in New York City in partnership with Marriott. The 349-key Moxy Chelsea is due to open this fall, about a year after the flagship Moxy Times Square welcomed its first guests.