Gold Coast condo project secures $71.6 million construction loan
By Joshua Burd
The developer of a high-end, 14-story condominium tower in Cliffside Park has closed on a $71.6 million construction loan, as it marches ahead toward a planned opening date next year.
DMG Investments said Friday that it secured the loan through AIG, with the assistance of Cooper-Horowitz Inc., for the 204-unit luxury project known as One Park. The firm topped out the building in August and says the project is scheduled to be complete in fall 2018.
“We’re delighted to receive this vote of confidence from a commercial lending institution that recognizes One Park’s unique qualities and widespread appeal to buyers both here and oversees,” said Jacky He, executive vice president of DMG Investments. “With a clifftop location that maximizes the building’s dramatic views, world-class design, inspiring amenities and proximity to Manhattan and the vibrant Hudson River waterfront, One Park offers a new perspective on Gold Coast living.”
One Park will feature homes ranging from one- to four-bedroom layouts, with prices starting at $495,000. Designed by Architectura, with interiors curated by VLDG, One Park offers a glass curtain wall and private outdoor space for every home and sweeping views of Manhattan.
Hallstead Property Development Marketing is directing the sales effort. Plans call for more than 25,000 square feet of indoor and outdoor amenity space, including a 24-hour attended front desk and an indoor 55-foot heated pool with adjoining outdoor sun deck, sauna and steam rooms.
Amenities will also include a private furnished roof deck featuring a dining terrace with grilling stations, fire pits, seating areas and outdoor movie theater, DMG said in a news release. One Park will also house a modern fitness center, golf simulator, pet spa, guest suites and a parking garage with a fully automated Unitronics system.
The developer touted the building’s proximity to the George Washington Bridge, Lincoln Tunnel and NY Waterway ferry service to Manhattan, along with the offerings of downtown Cliffside Park and nearby municipalities such as Edgewater, Weehawken, North Bergen and Hoboken.