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3650 REIT Originates $50M Loan for NYC Condo Project
3650 REIT has provided a $50 million loan to support the completion of 1 Park Row, a condominium project in the Financial District. The loan, extended to Circle F Capital, will facilitate upgrades and expedite the project’s timeline following pandemic-related disruptions.
1 Park Row, located at the southern end of City Hall Park, features 62 residential units. Building amenities include a fitness center, garden terrace, and an indoor/outdoor resident lounge floor.
“3650’s unique ability to fill gaps in the capital stack for well-located projects that are already under construction is a core tenet of our advantaged position in today’s market,” said 3650 REIT co-founder and managing partner Jonathan Roth. “1 Park Row is an example of a mid-stream project that can benefit from additional enhancements.”
- ◦Financing
