A rendering of the project at 1 Park Row in the Financial District. (Winick)
UPDATED, June 12, 7:45 a.m.: Guardian Realty Management just found a new guardian angel.
Parkview Financial, a Los Angeles-based lender, provided a $60.1 million construction loan for the firm’s new mixed-use building in New York’s Financial District through a limited partnership, Parkview Financial REIT, according to public records. Guardian additionally refinanced nearly $60 million in existing loans with the lender, bumping Parkview’s total contribution up to $120 million.
The 23,250-square-foot project at 1 Park Row will rise at least nine stories, with the bottom three floors carved out for retail space, according to New York YIMBY. Renderings released in 2017 by Fogarty Finger Architects suggest the building’s floor-to-ceiling window panes will wrap around the corner of Park Row and Anne Street. Winick has already begun selling 13,500 square feet of available retail space, according to a sales deck.
The loan gives Guardian the capital to forge ahead with construction, which has been underway since at least 2017. The company continued work on the project throughout the pandemic, earning “essential” status for containing restaurant space.
Guardian and Parkview Financial did not immediately respond to requests for comment.
Parkview CEO Paul Rahimian told The Real Deal in November that his firm was experiencing a “flurry of activity” possibly because other lenders weren’t handing out construction loans like they did prior to the pandemic, adding that developers with new projects are less concerned about the economic effects of the virus because their products won’t come to market for another two years or so.
Correction: This story has been updated to reflect that Los Angeles-based Parkview Financial provided the loan to Guardian Realty. A prior version incorrectly stated that Hudson Pacific Properties was the lender.
