Real Estate Equities Corporation (REAC) has secured a $70-million loan to refinance and complete construction of a new office building in Greenwich Village, Parkview Financial announced earlier this month.

The project, located at the northeast corner of Saint Marks Place and 3rd Avenue, will consist of a nine-story building featuring approximately 61,500 square feet of Class A office space and ground-floor retail.

REAC controls the project site at 1 and 3 Saint Marks Place under a 99-year leasehold which commenced in 2017. The developer demolished the commercial building which previously occupied the site shortly thereafter, but faced delays as a result of the global pandemic, thus requiring new financing.

Rendering of office building at Saint Marks Place and 3rd AvenueParkview Financial

“Due to complexities arising from the pandemic, the borrower required a construction lender that could structure and navigate an extraordinarily complicated and delicate transaction with absolute certainty of execution,” said Parkview Financial founder and chief executive officer Paul Rahimian. “Despite the challenges surrounding some sectors of the office market in New York City, Parkview saw this as a compelling opportunity to provide financing to a best-in-class sponsor for this Class A project that stands to be in high demand from the growing number of tech companies in the area.”

REAC is targeting firms in the technology, advertising, media, and information industries, per a news release.

According to Parkview Financial, completion of the Saint Marks Place project is on pace to occur in June 2024.