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 owned by Cain International, 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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