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Parkview Financial provided a $21.5-million to convert the 110-year-old 810 Broad St. in Newark, NJ into apartments

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. 

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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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