By Joshua Burd
An investment manager has acquired a vacant hotel building in Newark that it now plans to convert to more than 100 apartments, according to a lender involved with the project.
The buyer, an affiliate of Manhattan-based Winchester Equities, purchased and plans to renovate 810 Broad St. with the help of a $21.5 million loan from Parkview Financial. The project at the 13-story, 90,000-square-foot structure across from the Prudential Center is now underway, the lender said, noting that the property is slated to include 98 micro-studios spanning around 360 square feet and eight one-bedroom units ranging from 664 to 695 square feet.
Each apartment will come fully furnished with Murphy-style beds, shelving, storage areas, modern kitchenettes, wine coolers, 65-inch smart TVs, videoconferencing technology and smart thermostats, among other upgrades. Parkview noted that 22 units will be slated for low-income housing.
Completion is slated 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.”
The plan by the borrower, Broad Street Ventures Urban Renewal LLC, would represent another chapter for one of the city’s historic buildings. Built in 1912 as the headquarters of First National State Bank, the Cass Gilbert-designed building reopened in 2014 as a Hotel Indigo, following a $29 million conversion and renovation by the Hanini Group.
Parkview noted that plans also call for resident amenities such as a fitness center, a spa, laundry facilities on each floor, a co-working lounge, a party room, a café and a rooftop bar. Additionally, the renovated building will have a 7,500-square-foot ground-floor restaurant.
Winchester’s other projects in Newark include a recently completed, 63-unit luxury apartment building at 45-53 William St. and a multifamily renovation at 303 Washington St. that is currently underway.
