DMG closes $64M inventory loan for Cliffside Park condo building

A prominent financial institution is backing One Park in Cliffside Park.
DMG Investments announced it 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 milestone 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 company said.
“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,” says Jacky He, chief executive officer of Manhattan-based DMG Investments.
One Park, which was completed in fall 2018, is situated atop the Palisades Cliffs overlooking the Hudson River and New York City skyline. Its location maximizes the building’s dramatic views, world-class architecture and inspiring amenities.
One Park features a collection of one-to-four-bedroom homes, which range from 751 to 2,983 square-feet of living space, priced from $475,000 and available for immediate occupancy.Three model homes are open at One Park, providing visitors the opportunity to see first-hand its housing styles.
Designed by Architectura, with interiors curated by boutique design firm VLDG, One Park boasts a glass curtain wall and private outdoor space for every home.
More than 25,000 square feet of hotel-inspired indoor and outdoor amenities at One Park include an aquatic center featuring an indoor 55-foot heated pool with sauna and steam rooms and adjoining outdoor sun deck and a private, furnished roof deck including dining terrace with grilling stations, fire pits, seating areas and an outdoor movie theater. The building also offers a 24-hour attended doorman and secure parking garage with a fully-automated Unitronics system. Also expected is a residents-only shuttle bus directly into midtown Manhattan.

CREDIT: Linda Lindner