The Bank of the Ozarks has granted the Lightstone Group a $53 million construction loan for the development of a NoMad hotel. The bank is also taking over an existing $17 million mortgage on the property located at 105-109 West 28th Street from Banco Inbursa.The plans call for a a 37-story, 349-room hotel to be built on the site featuring a rooftop restaurant and is scheduled to open next year. Bank of the Ozarks, once an obscure Arkansas lender, has emerged as one of the most active backers of New York City construction lenders in recent years.
