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.