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Two NYC hotels receive $200 million in financing

Charlotte-based Banc of America Securities LLC (BAS) has secured a $200 million loan to finance two newly constructed hotels in New York City. The loan to Cleveland-based Forest City Ratner Cos. (FCRC), an affiliate of Forest City Enterprises, will be used to finance the 463-room Embassy Suites New York City and the 444-room Hilton Times Square.

BAS worked with Financial Structures Ltd., a Bermuda-based company that specializes in structured finance transactions, to arrange the $200 million loan. Andrew Silberfein, senior vice president and director of finance for FCRC, says the financing will ensure the market position of the two hotels.

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