VENTURA, CA—Ventura Heritage Corp. ha secured a $30.6-million construction loan to cover a portion of the construction costs for its development Island View Apartments, a class-A multifamily property with 154 units. U.S. Bank funded the loan, which has a three-year term and two 12-month extension options.
“There were several institutions interested in providing the funds,” Marina Massari, EVP on CBRE's capital markets' debt and structured finance team, tells GlobeSt.com. The borrower is very experienced in this market, which has a limited supply of new multifamily product.” Massari secured the funds on behalf of the borrower along with her CBRE capital markets colleague Sharon Kline, EVP. Both are located in CBRE's Newport Beach office.
The development will break ground in the next 30 days. Located at Victoria Avenue and 8th Street in Ventura, the site is within close 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, a fitness center, yoga studio, dog park, pool and spa and a coffee bar. Done in Mediterranean-style architecture and design, the property will also offer phenomenal views of the Pacific Ocean. “The construction loan will not cover total construction costs. The borrower will provide the equity as needed,” adds Massari.
As Massari mentions, Ventura has a very limited supply of multifamily space with extremely low vacancies. In a recent video interview at RealShare Apartments in Downtown Los Angeles, Lee & Associates managing director and market expert Jim Fisher explained that rents in the area are growing by about 4% a year with very little product trading hands.
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