HIDROCK SECURES CONSTRUCTION LOANS FOR NEW HOTELS

HIDROCK SECURES CONSTRUCTION LOANS FOR NEW HOTELS

Manhattan-based owner Hidrock Realty announced that it secured two loans
totaling $66 million for the $126 million development of two brand-new hotels
in Midtown Manhattan.

The hotels will be located at 960 Avenue of the Americas and 25 West 37th St.,
continuing the gentrification of the traditionally industrial Fashion District.

BBVA Compass Bank provided a $36 million construction loan for the $72 million
development of the hotel located at 96 Avenue of the Americas.