A rendering of a 282-unit condominium project at 1400 and 1900 Avenue at Port Imperial in Weehawken — Courtesy: Parkview Financial
By Joshua Burd
A developer seeking to build more than 280 waterfront condominiums in Weehawken has landed $61 million in financing, in a newly completed transaction by Parkview Financial.
The Los Angeles-based lender said it provided the debt to 1419 WK Owner LLC, noting that it will fund the predevelopment and entitlement process for the luxury, mixed-use project at 1400 and 1900 Avenue at Port Imperial. The deal marks a key step for what Parkview says is the last developable parcel within the master-planned Port Imperial community, where plans call for 282 homes, 4,601 square feet of ground-floor retail space and a 346-space parking structure.
The developer anticipates the entitlement process will take around six months to complete.
“This planned project with be a jewel on the Hudson River waterfront and will largely appeal to young, high-income, single professionals seeking a less pricey alternative to Manhattan but that are still seeking a luxury, amenity-rich living situation,” Parkview CEO Paul Rahimian said.
The eight-story complex, which would sit on 3.65 acres, would rise just north of Carlyle Court. The project will also include roughly 20,000 square feet of indoor amenities, including a resident lounge, an indoor-outdoor pool, a spa and a fitness center, along with outdoor common spaces.
It’s also steps from commuter ferry service to Midtown Manhattan, bus service and the Hudson-Bergen Light Rail.