One Park in Cliffside Park — Courtesy: DMG Investments
By Joshua Burd
DMG Investments has closed on a $64 million inventory loan for its newly developed, 14-story luxury condominium building in Cliffside Park.
The developer on Thursday announced the financing for One Park, which it debuted last fall at 320 Adolphus Ave. AIG is providing the loan, marking the project’s second transaction with the insurance company after a $71.6 million construction loan in 2017.
“The ability to secure and inventory loan at One Park during a period when interest rates are favorable its financial strength and plays a key role in our company’s nation-wide investment strategy and long-term vision,” said Jacky He, CEO of Manhattan-based DMG Investments. “Of course, it’s equally as notable for homebuyers. The strong belief in DMG Investments and One Park by a leading financial institution is surely a comforting notion for our purchasers.”
One Park, which opened last October, sits atop the historic Palisades and overlooks the Hudson River and New York City skyline. The property features 204 upscale homes ranging from one to four bedrooms, with anywhere from 751 to 2,983 square feet of living space.
Homes are priced from the $475,000 range and available for immediate occupancy.
Designed by Architectura, with interiors curated by VLDG, One Park also boasts a glass curtain wall and private outdoor space for every home. Residents have access to more than 25,000 square feet of indoor and outdoor amenities, including an indoor heated pool with sauna and steam rooms and adjoining outdoor sun deck.
https://re-nj.com/developer-obtains-co-for-luxury-condo-building-in-cliffside-park/
