23 Nov FASHION DISTRICT MARRIOTT HOTELS GET $66M IN CONSTRUCTION LOANS
Hidrock Realty has secured $66 million in construction loans for its two Fashion District hotel projects – at 960 Sixth Avenue and 25 West 37th Street – the developer announced earlier this week.
As The Real Deal previously reported, Hidrock purchased the note for 960 Sixth Avenue, also called the Atlantic Bank building, from Societe Generale for $40 million in October 2009. The company foreclosed on the 35th Street office building, which by then had only one tenant, in August 2010. Previous owner Statuto Group had planned a residential conversion for the site, and Hidrock had considered a mixed-use space including offices, but in the end a hotel was the most lucrative venture, said Hidrock’s president, Abraham Hidary.