TWO HOTELS, TWO LOANS, $66M

TWO HOTELS, TWO LOANS, $66M

Securing financing for Manahattan hotels can be hard to come by, but for owner
Hidrock Realty, its two latest Fashion District hotel projects have garnered $66 million
in construction loans. The hotels, located at 960 Avenue of the Americas and 25 West
37th St., gave generated interest from domestic and international banks.

“I don’t know if lending is back to the norm, but there are loans out there for projects
that are well-located, well-operated and by strong developers that are putting in a lot
of equity,” Hidrock Realty’s president Abraham Hidary tells GlobeSt.com. “You can’t just
get financing for a hotel that’s just anywhere, but Midtown Manhattan has as good of
a shot as anyone else.”