The Lightstone Group has closed on $330 million in financing to convert a 16-story Times Square office building into a new hotel. The building has gone through many changes since its construction in 1907, having served as a nearly 1,900-unit single-room occupancy building and then being updated in the 1980’s into retail and office space. The company received a $205 million construction loan from lender Square Mile Capital Management and another $125 million in capital from two unnamed institutional investors. The new hotel at 485 7th Ave. will operate under the Marriott Moxy Hotel flag. Lightstone acquired the 235,000-square-foot Garment District office building from the Eretz Group in 2014 for $182 million.
