California Mixed-Use Project Lands $32M Loan
- May 30, 2019
Poway Property LP has received $31.9 million in financing to develop Outpost, a three-building, 97,240-square-foot mixed-use project in Poway, Calif. Parkview Financial provided the construction loan to the developer.
(In February, Parkview Financial provided a $32 million construction loan to oWow for the development of an affordable rental project in downtown Oakland, Calif.)
“The appeal of the property is the multifamily being built alongside the retail,” Paul Rahimian, Parkview Financial’s CEO, told Multi-Housing News. “The Poway Corridor is growing and this property will provide more food options for the area, as well as the new apartments being built.”
Located at 13247 Poway Road in north San Diego County, the finished property will consist of 53 units comprised of 16 one-, 22 two- and 15 three-bedroom units. There’s also ground-floor retail, which is already pre-leased to Three Local Brothers and Crunch Fitness. Two levels of 337 parking spaces will be underground as well.
Live, Work, Play
The property will be situated on 1.6 acres, on the south side of Poway Road between Bowron Road and Community Road. Outpost will be the first major redevelopment along the Poway Road corridor and also the first new apartment project to come along in two decades.
“This will be a great asset for any buyer to purchase or future lender to lend on,” Rahimian said. “We always want to make sure the exit will be easy for us, and this is a good example of a real estate asset that will be easy to refinance or sell upon completion.”
Construction on the project began last summer and it’s scheduled to be completed sometime next year.
According to Rahimian, the location of the property is a key attraction of the deal, as it is with most real estate, as it’s a walkable area and people want to live close to retail, restaurants, movie theaters and other amenities.
“There are new developments close by, including the AMC Dine-In Theater, as well as newer restaurants and food options,” he said. “This new development will blend in beautifully with its surroundings and will be a popular location for food options.”