NEW YORK CITY-The Lightstone Group scored somefinancing for its planned luxury development that will sit acrossthe street from the new Fulton Center transportation hub in LowerManhattan, according to Crain's New York Business.

The developer of the $280 million project, the Lightstone Group,closed on a $43 million construction loan with BancoInbursa, S.A., a Lightstone spokesman tells,and the loan has a one-year term with two one-year extensions. Themoney is an interim bridge loan, and the developer plans to seekmore financing once construction starts

Lightstone plans to build a 58-story, 475-unit residentialbuilding on the south side of Fulton Street, between Nassau andDutch streets. The property is an assemblage of three fee parcelsand seven air rights parcels in the heart of Lower Manhattan, allacquired by Lightstone for $76 million, the spokesman says.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.