Commercial Ground-Up Construction05/05/2021
Parkview Financial, a private mortgage fund, provided a $30MM loan for the construction of a 59-unit mutlifamily property in the Lower East Side neighborhood of Manhattan, NY. The lot size is 5,025 square feet of land, and the completed building size will be 40,773 square feet with 12 stories. The completion is anticipated for July 2022. The project will include 11 studios, 39 one-bedroom units and nine two-bedroom apartment 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. New construction is commanding a premium in the area, and we expect that to continue as New York recovers from the effects of the pandemic. This private construction loan was funded in May 2021.