NEW YORK CITY--Square Mile Capital Management LLC and Lightstone Group said Friday they had closed on loans totaling $330 million for the development and construction of a Marriott Moxy Hotel in Manhattan's Times Square South submarket. The 618-key property at 485 Seventh Ave. is to be the flagship for Marriott's newly launched Moxy brand, and is one of four that Lightstone has under development in New York City.

"Marriott is the leader in defining the next generation travel and lifestyle space and Moxy hotels are fun concentrated-format lifestyle hotels with smartly designed and technologically advanced rooms, coupled with generous socially activated public space," says Mitchell Hochberg, president of Lightstone. "Our partnership with Marriott puts Lightstone at the forefront of the rapidly growing lifestyle hotel sector in the New York City area." Hochberg shares additional thoughts on the Moxy brand in an upcoming article in GlobeSt.com's sister publication, Real Estate Forum.

The financings consisted of a $205-million construction loan originated by Square Mile, along with capital from by two institutional investors. Square Mile principal Michael Lavipour says the deal well-positions his company "in the early stages of the exciting new micro-hoteling trend. It also establishes a lending relationship with Lightstone, who will be at the forefront of the trend developing two additional hotels of this type under the Moxy brand. Marriott's first-time involvement at the brand level made this transaction even more compelling."