VENTURA, CA—Ventura Heritage Corp. ha secured a$30.6-million construction loan to cover a portion of theconstruction costs for its development Island ViewApartments, a class-A multifamily property with 154 units.U.S. Bank funded the loan, which has a three-yearterm and two 12-month extension options.

“There were several institutions interested in providing thefunds,” Marina Massari, EVP onCBRE's capital markets' debt and structuredfinance team, tells GlobeSt.com. The borrower is very experiencedin this market, which has a limited supply of new multifamilyproduct.” Massari secured the funds on behalf of the borrower alongwith her CBRE capital markets colleague SharonKline, EVP. Both are located in CBRE's Newport Beachoffice.

The development will break ground in the next 30 days. Locatedat Victoria Avenue and 8th Street in Ventura, the site is withinclose proximity to retail, office space and single-family homes.The property will offer residents a wide array of amenities,including multiple outdoor courtyards—some with fire pits, afitness center, yoga studio, dog park, pool and spa and a coffeebar. Done in Mediterranean-style architecture and design, theproperty will also offer phenomenal views of the Pacific Ocean.“The construction loan will not cover total construction costs. Theborrower will provide the equity as needed,” adds Massari.