Parkview Financial has provided a $ 61 million loan to Chinese developer Hongkun USA to finance the pre-development and licensing process for a mixed-use luxury project along New Jersey’s Gold Coast.
Hongkun is developing a 282-unit property on the last developable plot within the community of Port Imperial, a $ 3 billion mixed-use and planned waterfront project that stretches two and a half miles along the Hudson River and includes two Marriott-brand hotels.
The Beijing-based developer paid nearly $ 75 million to acquire two sites within Port Imperial to build 1800 Avenue (top) located on a 3.65-acre site at 1400 and 1900 Avenue in Port Imperial. The project has been approved to include a 496,000 square foot luxury mixed-use condominium building containing 282 residential condominium units, 4,601 square feet of retail space on the ground floor and a parking garage. structured with 346 spaces.
The project will also include approximately 20,000 s / f of interior equipment, including a residential lounge, indoor-outdoor swimming pool, spa, fitness center, basketball court, media room, games room, a library and a co-working space. Outdoor amenities will include a swimming pool, dining and kitchen stations, sun deck, fire pit and lounge seating.
“This planned project will be a gem on the Hudson River waterfront and will be widely appealed to young, single, high-income professionals looking for a cheaper alternative to Manhattan, but still looking for a luxurious and affluent living situation. in equipment, ”said Paul. Rahimian, CEO of Parkview Financial.
According to the EB-5 files, Hongkun is seeking $ 20 million in funding from the USCIS visa program to enable foreign investors to obtain permanent residence through an investment of $ 500,000 to $ 1,000,000 in a new business venture that creates at least 10 full-time jobs.
Hongkun estimates that it will cost $ 278.22 million to build 1800 Avenue and create 1,572 jobs.
Last year, Hongkun was sued by CW Capital Management, a subsidiary of Los Angeles-based Alexander Shing’s Cottonwood group, for waiving a $ 205 million loan agreement for the project.
The Avenue Collection is a series of buildings located at the foot of the Palisades, just across the Hudson River from Midtown Manhattan.
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