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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.”
- ◦Financing

