Parkview Financial Provides $92M Loan For Construction Of Mixed-Use Project In Midwood, Brooklyn

The asset involved in this transaction is a mixed-use property located at 1508 Coney Island Avenue in Midwood, Brooklyn. The project encompasses a total of 215,379 gross square feet and is being developed on a .78-acre site. The transaction revolves around a construction loan with a total amount of $92 million.

Summary of transation details:

• Property Type: Mixed-use
• Transaction Amount: $92,000,000
• Address: 1508 Coney Island Avenue
• Market: Midwood, Brooklyn
• Lender: Parkview Financial - Paul Rahimian
• Landlord: Triangle 613 LLC
• Broker: Elliott Kunstlinger - Meridian Capital Group
• Loan Type: Construction
• Development Status: Approximately 35% underway, with anticipated completion in October 2023

Key individuals and companies involved in this transaction include Paul Rahimian, representing Parkview Financial, and Elliott Kunstlinger from Meridian Capital Group, who is serving as the broker for the landlord, Triangle 613 LLC. The loan was originated mid-construction to facilitate the ongoing development of the Class A office and retail project situated at 1498-1538 Coney Island Avenue.