Parkview Financial announced today it has provided a $7.2 million construction loan to GA Views Management, LLC for the completion of The Views at Georgia Avenue, a Class A, 20-unit apartment property. Located at 3557 Georgia Avenue NW in the “Park View” neighborhood in the northwestern quadrant of Washington, D.C., the six-story property is currently in the framing stage and will be completed in summer 2021.
The 23,000-square-foot (sf) building will include 10 two-bedroom floor plans ranging between 696 sf and 835 sf, and 10 one-bedroom floor plans ranging between 530 sf to 545 sf with ground floor retail space totaling approximately 3,358 sf. In addition to the retail component, amenities for the residences include storage areas of 442 sf in the basement, a rooftop deck totaling of 964 sf, and patio area totaling 600 sf. Each unit will include hardwood flooring and carpeting, double pane windows, a full kitchen with upgraded appliance package, and in-unit washer/dryer.
“Parkview is pleased to provide construction financing for The Views at Georgia Avenue,” said Paul Rahimian, CEO of Parkview Financial. “Demand for housing in this area is strong and this property will offer high-quality, upgraded rental living in a gentrifying neighborhood.”
The Georgia Avenue NW area features an eclectic mix of residential and commercial properties, including many restaurants and bars, small locally owned shops, and supporting commercial and civic uses. The neighborhood is adjacent to the Petworth and the Columbia Heights neighborhoods and is three miles north of the National Mall in a dense, urban infill area. It will provide convenient public transit for residents linking to the entire D.C. metro area. The commute to the downtown Washington D.C. is a 16-minute drive and 40 minutes via transit.
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, Parkview provides 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 $1.3 billion in financing for more than 113 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.