Hidrock signs $23.5M refi with Emerald Creek for hotel dev site in Financial District

Hidrock Properties through the entity 112 Liberty Associates LLC as borrower signed a refi loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $23.5 million for the development site (V1) at 112 Liberty Street in Financial District, Manhattan.
The deal closed on November 30, 2021 and was recorded on December 15, 2021.

Hidrock refinanced a loan originally from HSBC. Hidrock bought the hotel development site in 2018 for $38.5 million.

Within a 400-foot radius of 112 Liberty Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $38.2 million. The most recent of these two items was the filing on November 5, 2021 for a 55,117-square-foot COM building with 0 residential units at 26 Cortlandt Street.
One of those five items was a sale which Yucaipa Companies bought the 181,725-square-foot office building (O3) on 86 Trinity Place for $155.0 million from Clarion Partners on October 25, 2021.
Of those five items, two were loans above $5 million totaling $219.8 million. The most recent of the two was Yucaipa Companies which borrowed $97.1 million from iBorrow secured by the 181,725-square-foot office building (O3) on 86 Trinity Place on October 25, 2021.

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