MIAMI BEACH, Fla.,
Dec. 10, 2018 /PRNewswire/ -- National real estate
investor and developer Lightstone today announced the close of
$73 million in financing from Canyon
Partners Real Estate LLC® ("Canyon") and CapitalSource, a division
of Pacific Western Bank, to develop the 7-story, 202-key
Moxy South Beach.
The financing package consisted of a $55
million senior loan from CapitalSource and an $18 million preferred equity investment from
Canyon. This investment marks Canyon's fifth investment with
CapitalSource and second with Lightstone.
The first Moxy-branded hotel in Florida, Moxy South
Beach, will be located at 915 Washington Avenue, two blocks
from the world-famous beach on Ocean Drive. The hotel will be steps
away from South Beach's trendy and iconic restaurants, nightlife
and shopping on Washington and Collins Avenues, and Ocean Drive.
Moxy is an urban lifestyle brand by Marriott featuring large,
active public spaces and well-designed, efficient guest rooms,
offering guests affordability without sacrificing style or
comfort.
"The Moxy brand is playful, vibrant and chic and aligns
perfectly with the attitude of South Beach and the travelers it
attracts," said Lightstone's President Mitchell Hochberg. "Canyon has extensive
experience deploying capital in Florida and we're happy to be working with
them, in close collaboration with CapitalSource, to execute this
transaction."
Moxy South Beach will span 78,000
gross square feet, and its lobby will feature an outdoor courtyard
that threads together a series of spaces, including a restaurant;
all-day bar; Cuban-themed bodega offering stylish beach
accessories; and a co-working lounge which transitions into meeting
studios. The second floor will feature a 72-foot pool, fitness
center, and outdoor bar. The rooftop space offers unobstructed
views of Miami Beach, a large
shallow pool to cool off in, and a screening area.
Moxy South Beach adds to
Lightstone's growing hotel development portfolio, including Moxy's
612-room flagship property in Times Square which opened last year
and was named 2017 Development of the Year by the Americas Lodging
Investment Summit (ALIS).
Lightstone is opening Moxy
Chelsea in New York this
February, where TAO Group will debut brand-new dining and drinking
concepts in collaboration with Francesco
Panella of the acclaimed restaurant Antica Pesa in Rome and Brooklyn. Lightstone is also developing Moxy
hotels in Downtown Los Angeles as
well as New York's East Village
and Lower East Side.
Lightstone's hospitality portfolio features 28 properties
totaling 4,000 keys across the country and includes partnerships
with Marriott, Starwood, Hilton, IHG, and Hyatt.
Canyon has a long track record of investing in the hotel sector,
focusing on providing capital for the development or repositioning
of branded hotels with 100+ keys in primary and secondary US
markets. Over the past ten years, Canyon has made over $500 million of debt and equity investments,
supporting the financing of approximately $1.2 billion of hospitality assets nationwide.
Canyon also has extensive experience deploying capital in
Florida, having invested
approximately $1 billion of debt and
equity over the last decade, supporting the financing of
approximately $2.5 billion of
assets.
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 175
existing properties, Lightstone's $3
billion portfolio currently includes over 6 million square
feet of office, retail and industrial commercial properties, over
15,000 residential units, and 4,000 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
approximately $3 billion currently
under development in the residential and hospitality sectors spread
across New York City, Los Angeles, and Miami.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® ("Canyon") is
the real estate direct investing arm of Canyon Partners, LLC, a
global alternative asset manager with over $24 billion in assets under management. Over the
last ten years, Canyon has invested more than $4.5 billion of debt and equity capital across
160+ transactions capitalizing approximately $11 billion of real estate assets, focusing on
debt, value add, and opportunistic strategies. With 27 years of
experience, Canyon has established a broad menu of investment
capabilities spanning property types, US regions, and project
stages (including development, transitional, and
distressed/workouts). For more information visit:
www.canyonpartners.com.
About CapitalSource
CapitalSource makes commercial loans to small and middle-market
businesses nationwide. CapitalSource is a division of Pacific
Western Bank, a Los Angeles-based
commercial bank with approximately $24
billion in assets and 74 full-service branches in
California and one in Durham, North Carolina. Pacific Western Bank
is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For
more information, visit www.capitalsource.com.
Media
contacts:
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For
Lightstone:
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Teddy Wilson
Simmons
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Edelman
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212-704-4564
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Teddy.Wilson@Edelman.com
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For
Canyon:
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Maureen
Richardson
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River
Communications
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914-686-5599
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mrichardson@riverinc.com
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For
CapitalSource:
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Kristen
Mboijana
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Pacific Western
Bank
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301-634-6905
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kmboijana@pacificwesternbank.com
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SOURCE Lightstone