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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.

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