$61M Land Loan Development
Predevelopment/Entitlement Process Mixed-Use Project
Parkview Financial has provided a $61 million loan to 1419 WK Owner LLC to fund the predevelopment/entitlement process for a luxury, mixed-use project located at 1400 and 1900 Avenue at Port Imperial, along the Hudson River waterfront in Weehawken, NJ. The developer anticipates the entitlement process will take approximately six months to complete.
Situated on a 3.65-acre site, the project is the last developable parcel within the Port Imperial community, a waterfront destination extending approximately two miles along the Hudson River’s Gold Coast. The project has been approved to include an eight-story, 496,000-square-foot (sf) luxury mixed-use condominium building containing 282 residential condominium units, 4,601 sf of ground floor retail space, and a 346-space structured parking garage. The project will also include approximately 20,000 sf of indoor amenities, including a residential lounge, indoor-outdoor pool, spa, fitness center, basketball court, multi-media room, game room, library, and co-working space. Outdoor amenities will include a pool, dining and kitchen stations, sun deck, fire pit and lounge seating.
The project is walkable to multiple entertainment options including restaurants, bars, supermarkets, and clothing stores and will feature unobstructed views of the river and Midtown Manhattan. Commuters can reach Midtown Manhattan within 30 minutes by car, bus, train, or ferry. Further, the property is within walking distance of the light rail connecting to other parts of Northern New Jersey.
“This planned project with be a jewel on the Hudson River waterfront and will largely appeal to young, high-income, single professionals seeking a less pricey alternative to Manhattan but that are still seeking a luxury, amenity-rich living situation,” said Paul Rahimian, CEO with Parkview Financial.