Parkview Financial announced today it has provided an $18.3 million construction loan to KCT, Inc. for the development of a Class A, 949-unit self-storage facility located at 1060 Nepperhan Avenue in Yonkers, NY.
KCT plans to demolish the existing 9,820-square-foot (sf) industrial building where it had operated its business, Health Products Corp. since 1973, and will build an eight-story building with 77,000-sf of rentable space on the .55-acre lot.
After completion, which is anticipated for late 2023, the project will be operated by CubeSmart, a real estate investment trust that invests and operates self-storage facilities in 24 states and the District of Columbia and is the nation’s fourth largest self-storage company. Facility amenities will include surveillance cameras, individual unit locks, climate control, keypad entry and on-site management. The well-located property provides accessibility off Nepperhan Avenue and visibility from the Saw Mill Parkway.
“Parkview Financial saw this as a favorable opportunity to finance a high-quality self-storage facility in Yonkers, a New York suburb that provides a substantial potential customer base. Once completed, we feel that this property and its operator will serve the population well,” said Paul Rahimian, CEO and Founder of Parkview Financial.
He added, “We view self-storage property as a strong asset class as this sector has proven to experience high occupancy throughout all economic cycles.”
The general contractor is JCT Development and the architect of record is ELEVEN18 Architecture.
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 $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million.
With offices in Los Angeles, New York, Denver and Atlanta, 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.