New York & Tri-State + Midtown New York + Finance | May 9, 2022

Parkview Financial provided a $207-million loan for the acquisition and redevelopment of the Hudson Hotel in Midtown Manhattan

$207M Loan Advances Hudson Hotel Redevelopment

Parkview Financial provided a $207-million loan toward the purchase and redevelopment of the Hudson Hotel in Midtown Manhattan. The 24-story building at 353-366 W. 58th St. was most recently an SBE-operated hotel which shuttered in 2020 during the pandemic. The undisclosed new ownership plans to convert the circa-1929 property into a 438-unit residential project with office and commercial space.

“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.”

Parkview Financial provided this loan in conjunction with Montgomery Street Partners. The transaction was negotiated by Meridian Capital Group’s Morris Betesh and Alex Bailkin.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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