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.
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Even amidst a pandemic, there is no shortage of capital sources for the right sponsors.
The pandemic continues to devastate portions of the U.S. economy, but investor confidence is expected to return in 2021 with the rollout of COVID-19 vaccines and more stimulus funding.
Signs of a returning investment market are already evident, according to industry sources. Investment sales activity increased in the second half of 2020, and investors continue to seek acquisition opportunities, as well as equity and debt sources to support their goals, according to John Chang, senior vice president and national director of research with brokerage firm Marcus & Millichap. In a recent optimistic report on investment levels, he noted that while transaction activity in the last quarter of 2020 was below that of fourth quarter of 2019, it still surpassed transaction activity in 2006, at the height of the last real estate cycle.
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Alexander Shing’s Cottonwood Group has formed a new $200 million investment platform with BCEG International Investment – US (BCEGI-US) to pursue real estate opportunities throughout the U.S.
The partners are targeting ventures that require financing support, capital infusion and/or construction capabilities.
Shing announced the move in a joint statement with Yan Xing, president of BCEGI-US, which is the investment arm of Beijing Construction Engineering Group.
ALEX SHING
“Cottonwood and BCEGI-US have maintained a strong working relationship for many years, and we’ve established the level of trust that is critical in making partnerships a success,” said Shing.
“With BCEGI-US’ construction capabilities, our track record of financing even the most complex real estate investments and our shared commitment to bring the very best projects to life, we will put our expertise to work on behalf of developers and investors.”
Cottonwood forms $200 US funding platform with Chinese giant rew-online.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rew-online.com Daily Mail and Mail on Sunday newspapers.