Parkview Financial has provided a $61 million loan to Chinese developer Hongkun USA to fund the predevelopment and entitlement process for a luxury, mixed-use project along New Jersey’s Gold Coast.
Hongkun is developing a 282-unit property on the last developable parcel within the Port Imperial community, a $3 billion mixed-use, master-planned waterfront project that stretches two-and-a-half miles along the Hudson River and includes two Marriott-branded hotels.
The Beijing-based developer paid nearly $75 million to acquire two sites within Port Imperial to build 1800 Avenue (rendering top) located on a 3.65-acre site at 1400 and 1900 Avenue at Port Imperial. The project has been approved to include an eight-story, 496,000 s/f luxury mixed-use condominium building containing 282 residential condominium units, 4,601 s/f of ground floor retail space, and a 346-space structured parking garage.
The project will also include approximately 20,000 s/f of indoor amenities, including a residential lounge, indoor-outdoor pool, spa, fitness center, basketball court, multi-media room, game room, library, and co-working space. Outdoor amenities will include a pool, dining and kitchen stations, sun deck, fire pit and lounge seating.
“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,” said Paul Rahimian, CEO with Parkview Financial.
According to EB-5 filings, Hongkun is seeking $20 million in funding from the USCIS visa program allowing foreign investors to gain permanent residency through a $500,000–$1,000,000 investment in a new commercial enterprise that creates at least 10 full-time jobs.
Hongkun estimates it will cost $278.22 million to build 1800 Avenue and will create 1,572 jobs.
Last year, Hongkun was sued by CW Capital Management, an affiliate of Alexander Shing’s LA-based Cottonwood Group, for reneging on a $205 million loan deal for the project.
The Avenue Collection is a series of buildings located at the base of the Palisades, directly across the Hudson River from Midtown Manhattan.