SACRAMENTO-PCCP LLC has provided a $41-million full recourse senior loan to Petrovich Development Co. to refinance an existing senior loan and to provide future funding for the completion of infrastructure at Curtis Park Village. Curtis Park Village is a $250-million mixed-use development comprised of 71 acres of vacant land that is currently entitled for 181 single family homes, 334 multifamily units, three commercial sites, open space, parks and public property.
The land is an infill location between Land Park and Curtis Park, two 80-year-old legacy neighborhoods that are the most sought after, high-end traditional neighborhoods in the City of Sacramento. Curtis Park Village is located at the intersection of Sutterville Road and 24th Street and is directly adjacent to Sacramento City College and the 130-year-old Children’s Home. The land was a former Western Pacific rail yard and will be served by light rail via an $11 million pedestrian and bicycle bridge now under construction.
In 2003 the site was acquired by Petrovich Development from the Union Pacific Railroad who had since purchased the Western Pacific rail yard. Petrovich Development Co. has expended more than $30 million over the past decade to clean up and entitle the site for the planned development. Recently the firm commenced the Phase I infrastructure construction that is expected to be completed by April of 2014.