Parkview Financial announced today it has provided a $19.8 million construction loan to M&B Development for the ground up development of a mixed-use project located at 2000 E. Hagert in the Fishtown neighborhood of Philadelphia, PA. Situated on 0.46 acres, the Class A project is planned for 108 residential units and 13 units of live/work artist lofts on the ground floor and subterranean levels.
The property was acquired by M&B Development in April 2022 and the firm has since secured the entitlements and building permits and has cleared the site. With Parkview’s loan in place, vertical construction will soon commence with completion anticipated in early 2025.
All units will feature washer/dryers and upgraded finishes. The property will include four studios, 82 one-bedroom units, and 22 two-bedroom units. The average unit size will be 707 square feet (sf) while the 13 live/work lofts will average 571 sf. The property will offer residents amenities including a rooftop terrace, pet park, courtyard, bike storage, and underground parking.
“Parkview sees 2000 E Hagert as a much-needed project in an area experiencing a high demand for rental product,” said Paul Rahimian, CEO and Founder of Parkview Financial. “While new construction loans have been a challenge to secure for many developers over the past year, we are pleased to provide private financing that enables the borrower to commence work immediately. Once completed, this new project will be a significant addition to the local neighborhood.”
Located approximately 1.8 miles north of downtown Philadelphia, the Fishtown neighborhood has seen significant redevelopment in recent years as growth in downtown has pushed many residents to the area due to lower rent and a vibrant nightlife. The property is located just two blocks from the nearest subway stop, providing easy access to downtown Philadelphia.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $200 million.
With offices in Los Angeles, New York, Atlanta, and Las Vegas., our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers that need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.