Former Hotel at 569 Lexington Avenue Sold for $169M in Midtown East Conversion to Student Housing

May 15, 2025 Caroline Vega CRE Success Stories

Explore the $169 million sale of 569 Lexington Avenue in Midtown East, Manhattan. Bob Knakal played a key role in the successful conversion of this 764-unit hotel into a student housing asset, maximizing value in a challenging hospitality market.

About Caroline Vega 502 Articles

Caroline Vega is the editor of Commercial Lending News and a New Orleans based writer covering commercial real estate finance, lenders, and the market forces shaping deal flow. She brings a background in digital strategy and finance to reporting that is clear, practical, and grounded in what actually moves capital.

Commercial property owners share their go-to tips for refinancing mortgage – WSB-TV Channel 2

January 26, 2026

If you’re a commercial property owner looking to refinance your mortgage, one of the first strategies your savvy peers will advise is to establish goals and realistic expectations. Other practical tips for refinancing mortgage loans [...]
$520,659 For Family, Small Business Loans: St. Helens credit union to share funding

October 4, 2022

Three Oregon credit unions, including InRoads in St. Helens, will receive a total of $520,659 in federal dollars to support small loans to families and businesses. The funding is coming from the U.S. Department [...]
Dayton to invest $7M in ‘first floor’ small businesses

October 4, 2022

DAYTON, Ohio — The City of Dayton is using $7 million in pandemic recovery funds to help entrepreneurs start or expand restaurants, salons and other street-level small businesses in neighborhood commercial areas. What You [...]
First Bank expands commercial lending capabilities (updated)

October 4, 2022

First Bank is offering new options for commercial lending, the community bank announced Sept. 28, with the addition of servicing for private equity funds. The Hamilton-based institution said it offers capital call lines of [...]
FoA plans to sell retail division to Guaranteed Rate, close wholesale channel: sources

October 4, 2022

Amid the most challenging mortgage market in decades, multichannel lender Finance of America (FoA) plans to sell its retail mortgage division and shut down its forward wholesale channel, multiple sources told HousingWire. According to [...]

Midtown’s Hilton Garden Inn’s $175M CMBS Loan Enters Special Servicing – Commercial Observer

February 20, 2025

The $175 million commercial mortgage-backed securities (CMBS) loan securing the Hilton Garden Inn in Midtown Manhattan has once again transferred to special servicing, nearly five years after it was forced to temporarily close at the [...]
Kansas Passes State Law for Small Business Lender Disclosure Requ

April 22, 2024

On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders. The law’s requirements apply to “providers” which are defined as persons who consummate [...]
Oak Valley Community Bank Announces Commercial Banking Officer Hiring

September 3, 2023

OAKDALE, Calif., Sept. 01, 2023 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that Eric J. Manning has joined the bank as Vice President, Commercial Banking [...]
Multifamily Delinquencies Climb Amid Worsening CRE Loan Performance

July 10, 2025

At the same time, delinquencies in core CRE loans are on the rise. In total, they reached $31.4 billion in the first quarter, representing a 1.70% overall delinquency rate. Of this amount, $25.1 billion—about 80%—are [...]
Banks expect to tighten loan standards for rest of 2023: Fed [Video]

August 6, 2023

Banks tightened their lending standards for businesses and households in the second quarter and expect that to continue for the rest of 2023, according to a survey of loan officers conducted by the Federal Reserve. [...]