Parkview Financial announced today it has provided a $90 million construction loan to 1 Park Row Development, LLC, an entity of Circle F Capital, for the development of a 23-story mixed-use building in Lower Manhattan/Financial District located at 1 Park Row. The Class A, 103,000-square-foot (sf) property will be comprised of 64,000 sf of residential condominiums totaling 58 units, 19,000 sf commercial office, retail condos, and amenity areas. Demolition is now underway on an existing six-story office building, and project completion is anticipated for April 2023.
The average residential condo is 1,160 sf with a unit mix of thirty-seven one-bedroom units, nineteen two-bedroom units and two three-bedroom units. The luxury units will feature Hudson River, City Hall and City Hall Park views, 10-foot ceiling heights, Italian kitchens with Calacatta marble countertops and backsplashes, Miele appliances, gas cooktops with vented hoods, Italian Oak floors, and 5-fixture master baths with heated floors. Community amenities will include a doorman, gym, package room, resident storage, common garden/terrace, children’s playroom and bicycle storage.
“Parkview is pleased to provide this construction loan to an experienced developer who has had success with a number of Manhattan development projects,” said Paul Rahimian, CEO and Founder of Parkview Financial. “1 Park Row will provide new, luxury product to the local market and is poised to have excellent timing for completion, as a full recovery from the pandemic is anticipated prior to its delivery.”
1 Park Row is well located at the northeast corner of Park Row and Ann Street where they meet Broadway in Lower Manhattan and is adjacent to City Hall and City Hall Park and the Financial District. It is also near the foot of the Brooklyn Bridge, two blocks from the 9/11 Memorial and One World Trade Center Train Station. Additionally, five subway lines are within one block of the property and it is walking distance to several thousand Fortune 500 company jobs.
New York-based Fogarty Finger is the project architect and the general contractor is New York-based MJM Associates Construction.
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 $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.