Reins Easing on New York Construction Loans

(The New York Times) Construction in New York slowed to a trickle in the recession, but there are finally signs that the construction loan market is coming back to life.

While lending for multifamily rental buildings, with its steady income flow, has been popular for the last 12 to 18 months, a growing number of lenders are now looking at condominium projects, hotel developments and certain office and retail buildings.

Abraham Hidary, president of Hidrock Realty, said banks would now finance 60 to 65 percent of his hotel construction costs at lower interest rates.

Credit: Andrea Mohin/The New York Times