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Parkview Lends on Hotel-to-Apartment Conversion in Newark
Parkview Financial 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 hotel into a 106-unit multifamily building with a 7,500-square-foot ground floor restaurant. Located at 810 Broad St. in Newark, the project is now underway with completion anticipated for late 2022.
“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.”
810 Broad St. was built in 1912 as the headquarters of First National State Bank and was designed by renowned architect Cass Gilbert. In 2014, the building underwent a $29 million hotel conversion renovation.
- ◦Financing
