A residential conversion of the Hudson Hotel will move forward following the acquisition of a $100 million financial package from Northwind Group. Located at 358 West 58th Street in Hell’s Kitchen, Manhattan, the existing 878-key hotel will be redeveloped to support 441 rental apartments and more than 50,000 square feet of retail space. CSC Coliving, repeat Northwind Group borrowers, will oversee the conversion of the property, which is situated between Eighth and Ninth Avenues, just southwest of Columbus Circle and Central Park.
This loan is part of an A-Note financing product, essentially a loan-on-loan offering that is marketed primarily to residential owners and developers. The financing arrives about a year after CSC Coliving acquired the hotel from Eldridge Industries for $207 million.
“Northwind Group is excited to provide our A-Note loan, as we recognize a big gap in the market for financing due to commercial banks stepping back from regulatory and macro issues,” said Ran Eliasaf, founder and managing partner of Northwind Group. “We are pleased to work with experienced sponsors and financing counter parties like Parkview Financial and Montgomery Street Partners to deliver much-needed rental units due to the significant shortage of new rental products in Manhattan. We look forward to also continuing to provide senior financing to other lenders.”
An anticipated completion date has not been announced.
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That front facade looks rather foreboding and mysterious! 😳
This is what we need! We have a bunch of office vacancies, while at the same time having an affordable housing shortage, and migrants willing to take the jobs we “Americans” won’t take? Gee, how about gettin the migrants working and paying taxes at the same time.
How OBVIOUS can it be?