Parkview Financial announced today it has provided a $21.5 million loan to Broad Street Ventures Urban Renewal, LLC, an entity of Winchester Equities, LLC, for the purchase and conversion of a currently vacant, 13-story, 90,000-square-foot (sf) hotel into a 106-unit multifamily building with a 7,500-sf ground floor restaurant. Located at 810 Broad Street in Newark, NJ, the project is now underway with completion anticipated for late 2022.
Once renovated, the property will include a unit mix of 98 micro-studios each totaling approximately 357 sf and eight one-bedroom units ranging between 664 sf and 695 sf. All of the apartments will come fully furnished with 22 slated for low-income housing. The interiors will feature high-end murphy bed solutions, shelving, storage areas, modern kitchenettes, wine coolers, 65” smart TVs, video conferencing technology, and smart thermostats, among other upgrades. The property will also offer common area amenities such as a fitness center, a spa, laundry facilities on each floor, a co-working lounge, a party room, a café, and the only rooftop bar in Newark with views of New York City.
“This will be Winchester Equities’ fifth project in Newark,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Parkview saw this as a favorable opportunity to lend to an experienced developer and owner. We believe that this strategically located asset will be attractive to college students and young professionals within this rapidly growing Essex County submarket.”
Located across from The Prudential Center, the property provides excellent access to local transportation such as the PATH train to New York City and the New Jersey Transit train.
810 Broad Street was built in 1912 as the headquarters of First National State Bank and was designed by Cass Gilbert, who also designed the U.S. Supreme Court building in Washington D.C. and the Woolworth Building in New York City. In 2014, the building underwent a $29 million hotel conversion renovation.
Winchester Equities recently completed a 63-unit luxury apartment building at 45-53 William Street (William House) and is currently underway on a 60,000-sf multifamily renovation at 303 Washington Street.
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.