Lightstone just scored $73 million in financing to develop its Washington Avenue hotel in South Beach. The New York-based real estate investment company secured the financing from Canyon Partners Real Estate and CapitalSource. The funds will be used to build the first Moxy-branded hotel in Florida, a seven-story, 202-key hotel at 915 Washington Avenue. The financing package includes a $55 million senior loan from CapitalSource and an $18 million preferred equity investment from Canyon, according ... [more]