Lightstone Completes $155 Million Refinancing for Moxy Chelsea

LoanCore Capital and KSL Capital Partners Provide Financing for the Recently Opened 349-Key Hotel

News provided by

Mar 27, 2019, 10:07 ET

NEW YORK, March 27, 2019 /PRNewswire/ -- National real estate investor and developer Lightstone today announced the closing of $155 million in financing from LoanCore Capital and KSL Capital Partners for Moxy Chelsea, a 349-key Marriott brand hotel on West 28^th Street in Manhattan's Chelsea neighborhood. The hotel opened on February 14, 2019 and is the second of five Lightstone developed Moxy hotels to open in New York City.

Rising 35 stories high, Moxy Chelsea is a unique collaboration by leading design firms Yabu Pushelberg and Rockwell Group and architects Stonehill Taylor. Taking cues from the surrounding flower district, the stylish and affordable micro-room, macro-amenity hotel reimagines the urban jungle, blending botanically inspired design with Italian romance.

The newly-constructed building's architecture takes influence from the neighborhood's retro-industrial style and feels harmonious with its location, in the heart of the Chelsea Flower Market. The hotel blends into the lush flower shops that surround it with a soaring three-story glass atrium revealing the vertical gardens within. Guests enter through the overgrown Putnam & Putnam Flower Shop, designed by Yabu Pushelberg, which is envisioned as a "botanical library," with planter boxes suspended from the 15-foot wall, reachable by wheeled ladder. The Moxy Chelsea bedrooms are drenched in sunlight and feature floor-to-ceiling, wall-to-wall windows. For the design, Yabu Pushelberg replicates the clever functionality they created for Moxy Times Square, leavened with wit and humanized with a sense of craft.

"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," said Lightstone President Mitchell Hochberg. "We're delighted to work with LoanCore and KSL on this refinancing and are pleased with their support for Moxy Chelsea."

On the ground floor of Moxy Chelsea is a lively indoor/outdoor Italian ristorante and caffè, Feroce, a new concept from Francesco Panella of Antica Pesa, the legendary restaurant in Rome and Brooklyn, and TAO Group. The hotel's second floor lobby includes a lushly planted conservatory, Bar Feroce, meeting studios, a co-working lounge, and an all-season garden terrace featuring a terra-cotta pizza oven and a Made-for-Moxy bocce drinking game. Topping off Moxy Chelsea on the 35^th floor, is The Fleur Room, a glass-enclosed rooftop lounge that offers 360-degree panoramic views stretching from the Statue of Liberty to the Empire State Building.

Moxy Chelsea follows the successful launch of the 612-key Moxy Times Square, which opened in fall 2017. In addition to the locations in Chelsea and Times Square, Lightstone is developing Moxy East Village, opening this fall, Moxy Lower East Side, and Moxy Williamsburg, as well as Moxy properties in South Beach, Miami and Downtown Los Angeles.

About Lightstone
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 178 existing properties, Lightstone's over $6 billion portfolio currently includes over 4.5 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,300 hotel keys. Lightstone also owns over 12,000 land lots across the country.

Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.

Contact:
Teddy Wilson Simmons
212-704-4564
[email protected]

SOURCE Lightstone