Tuesday, November 29, 2011

Hotel Construction in Midtown Manhattan

Two new hotels will be constructed in Midtown Manhattan’s Fashion District.  One will be located on 25 West 37th Street and the other on 960 Avenue of the Americas.  The loan required for these was recently secured by Hidrock Realty, at a value of $66m.

960 Avenue of the Americas

Other finances for the project came from BBVA Compass Bank ($36m for the hotel on Avenue of the Americas).  The entire development will require $72m.  The mortgage came at a discounted price from Societe Generale a couple of years ago as the owner at the time failed to meet income requirements, resulting in a foreclosure last summer.  Redevelopment began shortly after to reconstruct the office building into a hotel.  It should be completed by this time next year.

25 West 37th Street

Looking at the other property, a construction loan totaling $30m came from the Bank of Nova Scotia.  This will require funds amounting to $54m for completion.

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