Parkview Financial announced today it has provided a $30 million construction loan to 63 Pitt Street, LLC for the construction of a 12-story, 59-unit, 40,773-square-foot (sf) apartment building located at 63 Pitt Street in New York City. The site totals 5,025 sf and is located on the west side of Pitt Street in the Lower East Side neighborhood of Manhattan. Completion is anticipated for July 2022.
The project will include 11 studios, 39 one-bedroom units and nine two-bedroom units. Eighteen of the units will be allocated for affordable housing. The units will feature washer/dryers, full size kitchens with upgraded appliances, hardwood flooring throughout, oversized windows, and a 24/7 virtual doorman and Latch apartment entry. On-site amenities are planned to offer tenants a rooftop deck, gym, package room, basement storage, laundry, and bike storage.
“This is Parkview’s first loan with this developer and our second loan this year in the Lower East Side of Manhattan,” said Paul Rahimian, CEO and Founder of Parkview Financial. “This area has been gentrifying since the 2000s and with an abundance of nearby amenities, is a popular place to live. New construction is commanding a premium here and that is expected to continue as New York recovers from the effects of the pandemic.”
In February of this year, Parkview Financial announced a $12.35 million construction loan for 12 residential condominiums at 330 Grand Street, located a short walk from 63 Pitt Street. 330 Grand 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 and is anticipated to be complete this summer.
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 $2 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 (headquarters), 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.
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