The 438-unit project is set for completion at the beginning of 2023.
Parkview Financial, alongside Montgomery Street Partners, has provided a $207 million loan for the acquisition and redevelopment of the Hudson Hotel in New York City. The new owner intends to convert the asset into a 438-unit rental community.
Senior Managing Director Morris Betesh and Senior Vice President Alex Bailkin of Meridian Capital Group negotiated the transaction. The duo also sourced an additional $193 million in recapitalization financing from other institutional investors, according to The Real Deal.
Cain International is the former owner of the 1929-built hotel, which closed doors at the end of 2020 as a result of the health crisis.
The redevelopment of the 878-key hotel into a rental property is slated for completion early next year. The 24-story building will feature studio to three-bedroom apartments, as well as 30,000 square feet of retail space and 25,000 square feet of office space. All units are set to feature hardwood floors, stainless steel appliances, quartz countertops and laundry facilities.
Located at 353-366 W. 58th St. in Western Manhattan, the community will be close to the southern edge of Central Park. Time Warner Center and numerous dining and retail options will be within walking distance of the property, while Columbus Circle and the Museum of Arts and Design will also be nearby.
The new owner intends to market the units at a 20 percent discount compared to the other communities in the area, hoping to lure in students, small families and young professionals, Parkview Financial CEO & Founder Paul Rahimian mentioned in prepared remarks.
At the beginning of the year, Parkview Financial also provided a $90 million loan to Acier Holdings for the construction of Phase I of The Halo, a 297-unit tower in Newark, N.J. The project is expected to be completed in January 2024.