U.S. Bank Provides $33M Construction Loan for Suburban LA Project
Developers of the Parklands Apartments, a 173-unit apartment development in Ventura, Calif., secured a $33.1 million construction loan, according to broker CBRE (CBRE).
The three-year loan from U.S. Bank has two one-year extension options.
Sharon Kline and Marina Massari of CBRE negotiated the loan.
Los Angeles-based developer John Ashkar is building the project and it should break ground within the month, according to a representative for CBRE. Mr. Ashkar has built a number of other residential developments in Ventura and Los Angeles.
The development, located at Telegraph Road and South Wells Road in Ventura, will feature amenities including a gym, barbecue areas and a swimming pool and spa.
The larger Parklands development was approved by the city of Ventura in 2011 and should include 499 units—including condominiums, single-family homes and commercial space in addition to the courtyard apartments which just got construction funding—according to published reports. The plans were approved after much wrangling between the city and developer, two years after negotiations first began.
The development is a large one for Ventura, a suburb north of Los Angeles with a population just over 100,000.