Local commercial real estate agency Tribeca Associates got a new $105-million loan for a newly completed Moxy Hotel in New York City's Financial District.
The new mortgage reportedly replaces a $61-million construction loan from Bank of the Ozarks that was finalized in 2016. AllianceBernstein assumed the existing debt on the Marriott-branded property and provided a $44-million gap mortgage. Dustin Stolly and Jordan Roeschlaub at Newmark Knight Frank arranged the debt on behalf of Tribeca Associates, which completed construction on the site earlier this month and is slated to open by September.
The new Moxy will have 298 guestrooms across 30 floors, designed by SLCE Architects. The two bottom floors will have retail facilities while the third will have a bar. (Moxy hotels combine the bar with the front desk for a more casual arrival experience.)
Tribeca acquired the ground lease for the site for $54.1 million in 2016.
Manhattan got its first Moxy last year when the Times Square property opened as the brand's flagship. After the Financial District hotel, the next Manhattan Moxy opening will be the October launch of the Moxy Chelsea. The city is expected to get at least another two properties in the coming years, and Lightstone Group will oversee four of the hotels. Outside of New York, Moxy hotel developments are planned for Miami, Los Angeles and Hollywood.