Hidrock Nabs $66M In Construction Loans For Hotels

Law360, New York (November 21, 2011, 6:03 PM EST) -- Developer Hidrock Realty Inc. secured two loans totaling $66 million from lenders BBVA Compass Bank and the Bank of Nova Scotia to continue developing two hotels in New York's fashion district, the firm said Monday.

The real estate developer secured a $36 million construction loan from BBVA to go toward a $72 million conversion of an office building into a Courtyard Marriott, Hidrock said in a statement. The developer also said it secured a $30 million construction loan from the Bank of Nova Scotia for a $54 million project to build another hotel, whose brand...
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