X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VENTURA, CA-A locally based developer has landed a $15.85 million construction loan from La Jolla Bank to build a 78-unit apartment complex here called the Cannery Apartments. The developer, Ventura Cannery Apartments Development LLC, secured the construction loan from the Beverly Hills branch of La Jolla Bank, according to Sean P. Bushe, regional loan officer for La Jolla bank in the San Diego County-based lender’s Beverly Hills office.

The loan was sourced to La Jolla Bank by Andy Levant and Gilda Rivera of George Smith Partners in Century City, CA. It’s for two years at an interest rate of 7.25%.

The new apartments will be developed on a 1.4-acre site at 130 N. Garden St. that is blocks from the beach and close to major transportation routes including US Route 101, State Route 33 and State Route 126. The site formerly was a cannery.

Bushe tells GlobeSt.com that, in addition to the apartments, the project will include a 51,628-sf parking structure and 2,225 sf of retail space. He notes that the apartments are in an area that is part of the City of Ventura’s Victoria Avenue Corridor Plan and its Downtown Specific Plan, which encourage more first-class office space and are designed to make the central area of the city more pedestrian- and transit-friendly.

The property is considered the first significant project within in the newly created Downtown Specific Plan, within the plan’s mixed-use zone. The goal of the plan is to strengthen Ventura’s historic core as a center of civic, cultural, commercial, recreational and residential activities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.