FiDi Guardian Project Receives New Funding From Parkview Financial

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Visualization of the project at 1 Park Row in the Financial District.

Visualization of the project at 1 Park Row in the Financial District. (Vinik)

UPDATED Jun 12 7:45 am: Guardian Realty Management has just found a new Guardian Angel.

According to public records, Parkview Financial, a Los Angeles-based lender, provided the firm with a $ 60.1 million loan to build a new mixed-use building in New York’s Financial District through a limited partnership with Parkview Financial REIT. The Guardian additionally refinanced about $ 60 million in existing loans from the lender, increasing Parkview’s total contribution to $ 120 million.

The 23,250-square-foot project at 1 Park Row will rise a minimum of nine floors, with the lower three floors dedicated to retail space. New York YIMBY… A 2017 rendering by Fogarty Finger Architects suggests floor-to-ceiling glass panes will be positioned around the corner of Park Row and Ann Streets. Winick has already begun sale 13,500 square feet of available retail space, according to the merchant deck.

The loan provides the Guardian with capital to continue construction, which has been ongoing since then. at least 2017… The company continued to work on the project throughout the pandemic, earning “Necessary” status for the placement of a restaurant space.

The Guardian and Parkview Financial did not immediately respond to requests for comment.

Parkview CEO Paul Rahimian said The real deal in November, when his firm was experiencing a “spike in activity”, perhaps because other lenders did not issue construction loans as they did before the pandemic, adding that developers of new projects are less concerned about the economic impact of the virus because the products will not hit the market another two years or so.

Correction: This story has been updated to reflect that Los Angeles-based Parkview Financial provided the loan to Guardian Realty. The previous version incorrectly stated that the creditor was Hudson Pacific Properties.

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