Parkview Financial grants $ 12.5 million construction loan for transit-focused project in Orange

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Parkview Financial said on Jan.12 that it made a $ 12.5 million construction loan to a branch of Irvington-based KW Contracting Construction Corp. for the development of The Legacy, a 51-unit apartment project located at 751 Vose Avenue in Orange (Essex County). With this loan, construction has now started and completion is scheduled for summer 2022.

The Legacy will be located on 0.43 acres and will consist of a five-story building totaling just over 62,000 square feet. The mix of units will include one and two bedroom units with engineered hardwood floors, stainless steel appliances, quartz countertops, and built-in washers / dryers. On-site facilities will offer a resident lounge, fitness center, rooftop terrace, management office, on-site parking and Zip Car accessibility.

The site is located in a designated transit village in New Jersey and is walkable to the South Orange Mountain Avenue station which provides access to the metro area, including Manhattan, and is less than an hour from ride to New York Penn Station.

“Parkview Financial views this submarket as one that demonstrates resilient demand for apartments as vacancies tightened during the pandemic,” said Paul Rahimian, CEO of Parkview Financial. “This increase in occupancy is likely the result of catching the tenant exodus from New York, as more people can work from home at least part of the time.”

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