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Parkview Financial Provides $50M Construction Loan for Astoria Condos
Parkview Financial provided a $50-million construction loan to Ming’s Garden Realty, LLC for the development of a 13-story, 143-unit residential condominium project with 40,034 square feet of ground-floor commercial space at 2601 4th St. in Queens’ Astoria neighborhood. Construction recently commenced with completion anticipated for fall 2023.
The units will feature a washer/dryer, hardwood floors, and granite countertops. The limited on-site amenities will be a gym and roof top terrace along with access to the area parks.
““We see this as a strategic project for this developer who is targeting price-conscious borrowers seeking to own a condo property here where there is a growing inventory of rental units, but minimal residential ownership opportunities, said Paul Rahimian, Parkview’s CEO.
He added that the price point is anticipated to be below $550,000 per unit and there is a no-frills approach in order to keep pricing attractive for first-time homebuyers.
- ◦Financing
