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New York & Tri-State  + Outer  + Finance  | 
Parkview Financial arranged $66 million construction financing for 57 Caton Pl., an apartment project in Brooklyn, NY

Parkview Furnishes Construction Loan on Brooklyn Apartments

Parkview Financial has provided a $66-million construction loan to 57 Caton Place, LLC for the development of a nine-story, 131-unit apartment project at 57 Caton Pl. in Brooklyn. With this loan in place, construction has now commenced with completion anticipated for January 2024. 

The borrower is utilizing the local 421-A tax abatement program, which will freeze the taxes for 25 years and then will limit the taxes for an additional 10 years. As part of that program, 98 units will be market rate, while 33 will be reserved for affordable housing. 

“This project is in a prime location close to Prospect Park and is next door to the historic Prospect Park Stables/Kensington Stables,” said Paul Rahimian, CEO and founder of Parkview Financial. “This location is a very unique area of Brooklyn that has become a highly coveted place for New Yorkers to live.” 

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Inside The Story

Parkview's Rahimian

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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