Two Hotels, Two Loans, $66M

NEW YORK CITY-Securing financing for Manhattan 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., have 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 a good of a shot as anyone else.”