DMG Investments Secures $64M Loan for Cliffside Park Condo Project

CLIFFSIDE PARK, NJ—The developer of the One Park luxury condominium development here has landed another financing deal for the venture with AIG.

DMG Investments, LLC reports it has secured a $64-million inventory loan from AIG for its 14-story, 204-unit luxury condominium building. The loan is the second financing deal secured with AIG for One Park, coming on the heels of a $71.6-million construction loan in 2017.

The New York City-based development firm points to the latest financing deal as an important milestone on multiple fronts that speaks to the confidence the financial community has in One Park, and the willingness of AIG to work again with DMG Investments serves as a testament to the company’s “trusted brand and reputation for developing high quality projects in both the multi-family and student housing sectors.”

The deal to secure the inventory loan at One Park during a period when interest rates are favorable points to the developer’s financial strength and “plays a key role in our company’s nation-wide investment strategy and long-term vision,” says Jacky He, CEO of DMG Investments. “Of course, it’s equally as notable for homebuyers. The strong belief in DMG Investments and One Park by a leading financial institution is surely a comforting notion for our purchasers.”

One Park, which was completed in fall 2018, is situated atop the historic Palisades Cliffs overlooking the Hudson River and New York City skyline. 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.

One Park features a collection of one-to-four-bedroom homes, which range from 751 square feet to 2,983 square-feet of living space. The homes are priced from the $475,000 and available for immediate occupancy.

Interior spaces boast expansive kitchens with chef-caliber appliances, the finest fixtures, and breathtaking views. Bedroom suites are calm sanctuaries for rest and relaxation, with floor-to-ceiling windows flooding the space with light. Spa-inspired master bathrooms feature a freestanding sculpted tub, large open shower, porcelain flooring and richly-toned wall tiles.

More than 25,000 square feet of hotel-inspired indoor and outdoor amenities at One Park include Aquatic Center featuring an indoor 55-foot heated pool with sauna and steam rooms, and adjoining outdoor sun deck; private furnished roof deck including dining terrace with grilling stations, fire pits, intimate seating areas and outdoor movie theater. The property also features a state-of-the-art fitness center with private pilates room, squash court, golf simulator, children’s playroom, pet spa and guest suites. The building also offers a 24-hour attended doorman and secure parking garage with a fully-automated Unitronics system. Also expected is a resident’s-only shuttle bus directly into midtown Manhattan.

DMG Investments LLC was established in 2013 as the US subsidiary of DoThink Holding Group, a well-known real estate developer in China. DMG focuses on real estate acquisitions, development and management as well as financing and has amassed a portfolio of best-in-class assets across the US in such markets as New York, New Jersey, Texas, Tennessee, Wisconsin, and South Carolina.