Parkview Financial announced today it has provided a $207 million loan toward the purchase and redevelopment of the iconic Hudson Hotel in New York. The 385,124-square-foot (sf), 24-story building is located at 353-366 West 58th Street and was most recently a SBE-operated hotel owned by Cain International which shuttered in 2020 due to Covid. The new ownership has plans to convert the property into a 438-unit residential project with office and commercial space. The well-located building is one block west of Columbus Circle near Billionaire’s Row within the Clinton neighborhood of western Manhattan, along the Hudson River and the southern edge of Central Park.
The units will feature 8’ to 10’ high ceilings, hardwood floors, stainless steel appliances and quartz countertops and each unit will have in-unit washer/dryers. There will also be 30,000 sf of retail space and 25,000 sf of office space. The project is anticipated to complete in early 2023.
“With a strong demand for rental product in Manhattan, we saw this as a compelling opportunity to lend to an experienced borrower,” said Paul Rahimian, CEO and Founder with Parkview Financial. “With a smaller unit size, the sponsor plans to market the units at a 20% discount to other properties in the surrounding area, hoping to attract young professionals, students, and small families who appreciate the prime location, best-in-class amenities, and unit interiors featuring high-end finishes at below-market prices.”
Situated on a 0.68-acre land parcel, 353-366 West 58th Street was originally constructed in 1929 for the American Women's Association clubhouse and residence for young women. In 1941, it was converted to the Henry Hudson Hotel and space was leased for commercial uses as well as hotel. In 1997, the hotel was purchased by the Morgan Hotel Group and underwent renovation for use as the Hudson New York Hotel.
Parkview Financial provided this loan in conjunction with Montgomery Street Partners. The transaction was negotiated by Senior Managing Director, Morris Betesh, and Senior Vice President, Alex Bailkin of Meridian Capital Group who are both based in the company’s New York City headquarters.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $3 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million.
With offices in Los Angeles, New York, Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.