Lightstone Value Plus REIT I, Inc.: debt financing — Lightstone REIT I secures $136.3M mortgage loans on Lower East Side Moxy Hotel

Lightstone Value Plus REIT I, Inc.

Senior loan of $110M (floor 7.50% SOFR+4.00%) and junior loan of $31.3M (floor 12.25% SOFR+8.75%) entered Nov 29, 2023.
At closing, $106.1M senior and $30.2M junior advanced; total proceeds used to repay existing mortgage on the 303-room hotel.
Loans mature Nov 29, 2026, with two one-year extension options; interest-only payments required.
Interest rate caps purchased: SOFR capped at 5.50% through Dec 2024 (junior) and June 2025 (senior); aggregate cost $0.1M.
Company paid $2.6M in loan fees/expenses and provided interest and carry cost guarantees.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lightstone Value Plus REIT I, Inc. incurred loan of up to $31.3 million with Bowery NY Mezz LLC at SOFR plus 8.75%, subject to a 12.25% floor maturing November 29, 2026.

Instrument: loan
Principal: up to $31.3 million
Counterparty: Bowery NY Mezz LLC
Rate: SOFR plus 8.75%, subject to a 12.25% floor
Maturity: November 29, 2026
Event: incurrence

Exact text from the filing

On November 29, 2023, the Company, through the same wholly owned subsidiary, also entered into a mortgage loan facility (the "Moxy Junior Loan" and together with the Moxy Senior Loan, the "Moxy Mortgage Loans") with Bowery NY Mezz LLC, an unrelated third party, providing for up to $31.3 million.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lightstone Value Plus REIT I, Inc. incurred loan of up to $110.0 million with Athene Annuity And Life Company at SOFR plus 4.00%, subject to a 7.50% floor maturing November 29, 2026.

Instrument: loan
Principal: up to $110.0 million
Counterparty: Athene Annuity And Life Company
Rate: SOFR plus 4.00%, subject to a 7.50% floor
Maturity: November 29, 2026
Event: incurrence

Exact text from the filing

On November 29, 2023, Lightstone Value Plus REIT I, Inc. (the “Company”) , through a wholly owned subsidiary, entered into a mortgage loan facility (the “Moxy Senior Loan”) with Athene Annuity And Life Company, an unrelated third party, providing for up to $110.0 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lightstone Value Plus REIT I, Inc. entered into Moxy Junior Loan with Bowery NY Mezz LLC valued at up to $31.3 million (effective 2023-11-29).

Action: entry
Agreement: credit facility
Counterparty: Bowery NY Mezz LLC
Value: up to $31.3 million
Effective: 2023-11-29

Exact text from the filing

Simultaneously on November 29, 2023, the Company, through the same wholly owned subsidiary, also entered into a mortgage loan facility (the “Moxy Junior Loan” and together with the Moxy Senior Loan, the “Moxy Mortgage Loans”) with Bowery NY Mezz LLC, an unrelated third party, providing for up to $31.3 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lightstone Value Plus REIT I, Inc. entered into Moxy Senior Loan with Athene Annuity And Life Company valued at up to $110.0 million (effective 2023-11-29).

Action: entry
Agreement: credit facility
Counterparty: Athene Annuity And Life Company
Value: up to $110.0 million
Effective: 2023-11-29

Exact text from the filing

On November 29, 2023, Lightstone Value Plus REIT I, Inc. (the “Company”) , through a wholly owned subsidiary, entered into a mortgage loan facility (the “Moxy Senior Loan”) with Athene Annuity And Life Company, an unrelated third party, providing for up to $110.0 million.

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001829126-23-007827

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.