CLIFFSIDE PARK, NJ, — Developer DMG Investments has closed a $64 million inventory loan for the 14-story luxury condominium building through AIG. The loan is the second financing secured with AIG for One Park, coming on the heels of a $71.6 million construction loan in 2017.
The important milestone is noteworthy on multiple fronts. It speaks to the confidence the financial community has in One Park, and the willingness of a major lender to work again with DMG Investments is testament to the company’s trusted brand and reputation for developing high quality projects in both the multi-family and student housing sectors.
“The ability to secure and inventory loan at One Park during a period when interest rates are favorable its financial strength and plays a key role in our company’s nation-wide investment strategy and long-term vision,” said Jacky He, CEO of Manhattan-based DMG Investments.