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Parkview Furnishes $92M Construction Loan for Midwood Office Project
(Updated with additional information)
Parkview Financial provided a $92-million construction loan to Triangle 613, LLC for the development of a Class A office and retail project at 1498-1538 Coney Island Ave. in Brooklyn’s Midwood neighborhood. Development of the 215,379-square-foot project is approximately 35% underway, with anticipated completion in October 2023.
“Parkview’s financing is being used to pay off two existing loans on this project with remaining costs allocated to complete construction,” said Parkview CEO Paul Rahimian. “The prime location sits along a major retail corridor in South Brooklyn and should garner high interest from the local community. As a result, this will make it a major destination for high-end retail and office as well as providing much-needed parking.”
With more than 30% of pre-leasing commitments already in place, the project has had interest from a variety of tenant prospects including co-working office, medical office, health and wellness, and restaurant and supporting ancillary commercial retail uses. Meridian Capital Group’s Elliott Kunstlinger negotiated the loan.
- ◦Development
- ◦Financing
