The Lightstone Group secured a $53 million construction loan from Bank of the Ozarks for its NoMad hotel development.
The bank is also taking over an existing $17 million mortgage on the property at 105-109 West 28th Street from Banco Inbursa. Lightstone is building a 37-story, 349-room Moxy hotel on the site. The building will feature a rooftop restaurant, among other amenities, and is scheduled to open next year.
Lightstone is also developing three other hotels for Moxy, a Marriott brand, in New York City: at 485 Seventh Avenue, 112 East 11th Street and at an unspecified Financial District location.
Bank of the Ozarks, a once-obscure Arkansas lender, has emerged as one of the most active backers of New York City construction lenders in recent years. Earlier this month, the bank issued a $96 million construction loan on Broad Street Development’s Nolita residential development at 304 Mulberry Street. [CO] — Konrad Putzier