Parkview Financial has provided a $12.5 million construction loan to an affiliate of Irvington, New Jersey-based KW Contracting Construction Corp., for the development of The Legacy, a 51-unit apartment project located at 751 Vose Avenue in Orange, NJ (Essex County). With this loan, construction has now commenced with completion anticipated for summer 2022.
The Legacy will be situated on .43 acres and will include one, five-story building totaling just over 62,000 square feet. The unit mix will include one- and two-bedroom units that feature engineered hardwood flooring, stainless steel appliances, quartz countertops and in-unit washer/dryers. On-site amenities will offer a resident lounge area, fitness center, rooftop terrace, management office, on-site parking, and Zip Car accessibility.
The site is located within a designated New Jersey transit village and is walkable to the South Orange Mountain Avenue train station which provides access to the metro area including Manhattan, and is less than a one-hour commute to New York’s Penn Station.
“Parkview Financial sees this submarket as one that demonstrates resilient demand for apartments, as vacancies have tightened during the pandemic,” said Paul Rahimian, CEO of Parkview Financial. “This increase in occupancy is likely a result of capturing renter outflow from New York City due to more people being able to work from home at least a portion of the time.”
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 $1.6 billion in financing for more than 127 multifamily, retail, office, industrial and mixed-use projects. The executed loan size ranges between $5 million to $100 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.