3650 REIT has provided a $50 million loan to support the completion of 1 Park Row, a condominium project in New York City’s Financial District. The loan was extended to Circle F Capital and will facilitate upgrades and expedite the project’s timeline following disruptions caused by the pandemic.
Located at the southern end of City Hall Park, 1 Park Row features 62 residential units with desirable amenities such as a fitness center, garden terrace, and an indoor/outdoor resident lounge floor.
According to Jonathan Roth, co-founder and managing partner of 3650 REIT, their unique ability to fill gaps in capital for well-located projects already under construction is what sets them apart in today’s market. He also mentioned that this particular project can benefit from additional enhancements as it is currently mid-stream.
The post discusses how 3650 REIT has originated a significant loan for an NYC condo development without mentioning any specific names or locations associated with Connect CRE or its affiliates.
