Guardian Realty Management has just found a new Guardian Angel.
Hudson Pacific Properties, a Los Angeles-based REIT, has provided a $ 60.1 million construction loan for the company’s new mixed-use building in New York’s financial district, according to public documents. Guardian also refinanced nearly $ 60 million of existing loans with the REIT, bringing Hudson Pacific’s total contribution to $ 120 million.
The 23,250-square-foot project at 1 Park Row will span at least nine floors, with the top three floors being set up for retail space, according to New York YIMBY. Renderings released in 2017 by Fogarty Finger Architects suggest that the building’s floor-to-ceiling glass will wrap around the corner of Park Row and Anne Street. Winick has already started selling 13,500 square feet of available retail space, according to a sales platform.
The loan gives Guardian the capital to move forward with construction, which has been underway since at least 2017. The company continued to work on the project throughout the pandemic, achieving âessentialâ status for contain the catering space.
Hudson enters the project with a warm hand, having posted a profit of $ 5 million in May after two consecutive quarters in the red. The company’s move to Park Row is a bit of a hedge against its earlier activity in entertainment production studios and office space.
Guardian and Hudson Pacific did not immediately respond to requests for comment.