Parkview Financial Provides $90M Financing for Luxury Development
- Jun 17, 2021
Parkview Financial has provided a $90 million construction loan to 1 Park Row Development LLC for a Class A mixed-use project at 1 Park Row in the Financial District of Lower Manhattan.
An existing six-story office building is currently being demolished to make way for the new tower, which is expected to be completed by April 2023. The development team includes project architect Fogarty Finger and general contractor MJM Associates Construction.
The 23-story building will include 103,000 square feet, of which 64,000 square feet will be residential space totaling 58 condominiums, while 19,000 square feet will be allocated to office use, retail and amenities.
The residential component will comprise a mix of 37 one-bedroom units, 19 two-bedroom units and two three-bedroom units. The average size of a condo will be 1,160 square feet. The new residences will feature Hudson River, City Hall and City Hall Park views, as well as 10-foot ceiling heights, Italian kitchens with marble countertops and backsplashes, Italian oak floors and master baths with heated floors. Community amenities will include a doorman, gym, package room, resident storage, garden, children’s playroom and bicycle storage.
The new residential building will be well located at the northeast corner of Park Row and Ann Street, where they meet Broadway, adjacent to City Hall and City Hall Park. 1 Park Row will also be near the foot of the Brooklyn Bridge and two blocks from the 9/11 Memorial and One World Trade Center Train Station. Five subway lines and several thousand Fortune 500 company jobs will also be within walking distance of the property.
Parkview Financial is an active lender, specializing in ground up commercial and residential real estate financing.
Last year, the company originated a $38 million loan for the development of a 168-unit multifamily project in Houston. Dubbed The Interpose, the project is expected to be finalized later this year.
At the beginning of 2021, Parkview provided Chinese investor Hongkun USA Real Estate Development with a $61 million predevelopment and entitlement loan for a New Jersey luxury project.
Focus on the suburbs
As residents are becoming more interested in affordable markets, investors are also drawn to the more stable secondary and tertiary suburbs, observes Paul Rahimian, CEO of Parkview Financial.
For instance, in Elizabeth, N.J., Parkview provided a $56 million construction loan for the development of Phase I of Jersey Walk, a 218,292-square-foot, Class A luxury apartment community. And, in Meridian, Idaho, a suburb of Boise, Parkview provided a $27.7 million loan to finance the construction of Summertown Apartments, a 190-unit garden-style luxury apartment project.