Updated May 12, 2025
Broad Street Ventures Urban Renewal, LLC Acquires Newark Hotel For $21.5M Loan From Parkview Financial
810 Broad St, Newark, NJ 07102
$21,500,000
$238/SF
Building Size
90,000 SF
Asset Type
Hotel
Closing
May 18, 2022
About this deal
AI
The property asset involved in this transaction is a hotel located at 810 Broad St, Newark, NJ. It encompasses a total square footage of 90,000 and consists of 106 units. The loan amount associated with this property is $21,500,000, supporting its acquisition and conversion.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $21,500,000
- Loan Type: Acquisition & Conversion
- Lender: Parkview Financial - Paul Rahimian
- Landlord: Broad Street Ventures Urban Renewal, LLC
Key individuals involved in this deal include Paul Rahimian representing Parkview Financial as the lender, facilitating the financing for Broad Street Ventures Urban Renewal, LLC, the landlord in this transaction.
Players
Newark Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93