Parkview Financial
I’m with a boutique development firm in Brooklyn looking to get a loan from them for a multifamily project we’ve already gotten out of the ground and are trying to finish. We have limited financing options but we’re trying to decide between 3-4 lenders, 2 of which we’ve worked with before but would like to avoid. Has anyone dealt with them? Yay or nay?
They had some serious liquidity issues last year with closed construction loans that they couldn’t fund. We had a deal we were fully funded on as mezz lender that was humming along and was a few months from completion when they finally came clean to the developer after a bunch of stall tactics. They were great to work with to that point but even though it seems they were able to muddle through, I’d never do a deal with them again.
Wasn’t our deal but a quick google search for the right project in Manhattan should turn up some press releases from which you can read between the lines and draw your own conclusions.
Good to know, thanks. I thought high yield debt funds are always lower in liquidity anyway so I was kind of expecting to hear that but it’s good to know regardless.
They’ve had some trouble in recent years and haven’t been reliable on my team’s residential transactions in the nyc metro.
Im a debt broker in the NYC office of one the large publicly traded brokerages. Feel free to shoot me a DM and I can provide some additional detail if helpful.
As others have hinted, I would be wary.
I was just looking at one of their stalled out deals in the West Coast yesterday. Our client is looking to come in & takeover construction on a deal that was ~ 80% complete, but they feel that their best offer would be around 30% of the loan balance & the listing broker was willing to engage on that.
Yo, DM me. Looking at these exact same deals currently, $.30 on the dollar is unbelievable. Lets chat.
Where do you find these deals? Have a developer asking me for the same in NYC.
Are you seeing they’re offloading several loans or just the one?
Is your firm's balance sheet strong? There's a lot of appetite amongst the BB AM arms especially in NYC. Sponsorship is crucial but if your firm has the experience, should receive very competitive terms and they're way better to work with than DF.
Just to clarify what do you mean by BB? Sorry not here very often.
BB = bulge bracket... think large banks.
We luckily do not have them on any projects but have spoken with a number of groups that do in the NYC area. Parkview stopped funding on a number of loans mid-project. A few developers ended up either losing their projects or barely skating out with almost no hope for a decent irr. I didn't know they were making new loans but I would rather not do a project then have them as lender.
In voluptas omnis ut ipsa molestias quasi corporis soluta. Nisi enim veritatis aut soluta et. Culpa ipsum odio laboriosam itaque officiis nostrum. Autem qui at neque nisi. Enim est est culpa reiciendis ab iusto. Sunt aut iusto ad rerum similique.
Unde corporis eveniet atque sed quos est nihil. Libero rem ut incidunt totam dolore aut voluptatibus. Tempora placeat unde exercitationem. Iste consequuntur sunt aperiam excepturi. Error aut quia qui reprehenderit nam ullam facere nihil. Est eos quasi omnis sunt vero voluptatem qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...