Updated Mar 11, 2025
Parkview Financial Lends $61M For Development Site In Weehawken At Port Imperial
1400 Avenue at Port Imperial, Weehawken, NJ, USA
$61,000,000
$123/SF
Building Size
496,000 SF
Asset Type
Development Site
Closing
Feb 21, 2021
About this deal
AI
A $61,000,000 loan has been secured for the development site located at 1400 & 1900 Ave at Port Imperial in Weehawken. The property spans 3.65 acres and is the last developable parcel within the Port Imperial community. The approved project for this site includes an eight-story, 496,000-square-foot luxury mixed-use condominium building. The building will consist of 282 residential condominium units and 4,601 square feet of ground floor retail space.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $61,000,000
- Address: 1400 & 1900 Ave at Port Imperial, Weehawken
- Market: Weehawken
- SF: 496,000
- Acres: 3.65
Parkview Financial, represented by Paul Rahimian, is the lender for this transaction. Parkview Financial specializes in ground up construction financing and is one of the leading private real estate lenders on the West Coast.
Players
Weehawken Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93