Hidrock Properties just pulled off $100.5 million in loans for its new 31-story, 161-key Midtown hotel project.
The family-led development firm plans to build a new hotel at 12 East 48th Street. Midland National Life Insurance provided a $70.7 million construction loan and another $29.7 million in refinancing to replace a previous loan from Bank of the Ozarks, according to documents filed with the city on Friday.
A representative for Hidrock [TRDataCustom] did not immediately return a call seeking comment.
Hidrock bought this site, as well as two adjacent buildings at 13 East 47th Street and 14 East 48th Street, in 2014 for $47 million. The company initially planned to raze the buildings and develop a condominium tower instead, but Hidrock ended up filing plans for a hotel in June. The plans call for a 116,000-square-foot building with roughly 3,000 square feet of retail space on the ground floor. Handel Architects is the project’s architect of record.
The developer is also building another hotel in Midtown at 60 West 37th Street in partnership with the Buccini/Pollin Group. In September, Hidrock sold the Pavilion Theater in Park Slope for $28 million, abandoning plans to convert the landmark into condos.