Parkview Financial announced today it has provided a $12.35 million construction loan to New York-based 330 Grand LLC, for the development of 12 residential condominiums at 330 Grand Street, New York, NY. Located in Manhattan's Lower East Side on the north side of Grand Street between Orchard Street and Ludlow Street, the fully entitled property will be developed on a 2,936-square-foot lot which is currently vacant. The project is unique as it is being developed via a hybrid modular construction method with the modular portion being designed and manufactured in Turkey and then shipped to the site and installed. The design in Turkey started immediately at loan funding, and installation is anticipated to be completed within six months.
The 330 Grand Street project is planned for six stories and will total 14,757 square feet (sf). The 12 units will range from 696 sf to 1,213 sf with a unit mix of six one-bedrooms and six two-bedrooms. The units will feature luxury kitchens with high-end appliances, granite countertops, in-unit laundry, hardwood floors, and private keyed elevator access. The two penthouse units will feature rooftop terraces and the two ground floor units will have private yards. Other on-site amenities will include a fitness center, storage units, and a bicycle storage room. The average per-unit sale price is anticipated to be approximately $1.7 million.
“The Lower East Side is one of Manhattan’s most coveted neighborhoods with an array of shops, top restaurants, and nightlife amenities,” said Paul Rahimian, CEO with Parkview Financial. “We see this quality project as a solid addition to the submarket and anticipate a significant amount of buyer interest once it is complete.”
The Lower East Side benefits from being situated within the New York City Metropolitan area, the largest employment hub in the country. Since the mid-2000s, the area has experienced rapid gentrification and a significant amount of new development.
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 in excess of $1.68 billion in financing for more than 128 multifamily, retail, office, industrial and mixed-use projects. The executed loan size ranges between $5 million to $200 million.
With corporate headquarters in Los Angeles, and offices in Seattle and Denver, 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 who 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.