Development of 55+ Apartments
National City, CA
Parkview Financial has provided a $28 million construction loan to a San Marcos, CA-based private developer for the development of Paradise Senior Apartments, a five-story, 126-unit 55+ market rate apartment project located at 2238 Sixth Street in National City, CA (San Diego metro area). Construction for the project is anticipated to begin late 2019 with completion expected by the second quarter of 2021.
Situated on an approximately one-acre site, the project will include 116 one-bedroom units averaging 568 square feet, and 10 two-bedroom units averaging 1,137 square feet. The unit interiors will include stainless steel appliances, wood cabinets, washer/dryer, balcony or patio, plank flooring and other upgrades. The property will feature on-site management and amenities including a lounge area, rooftop deck, and a fitness center, as well as approximately 10,000 square feet of commercial space on the ground floor. There will be one underground level of parking as well as parking on the ground level, totaling 147 spaces.
“This is a well-located product in a market with very strong fundamentals,” said Paul Rahimian, CEO with Parkview Financial. “Parkview’s loan provided us with an opportunity to expand our multifamily lending capabilities into the senior housing space, a product type we feel is underserved in California, among other markets nationally. Parkview will continue to apply its expertise in construction lending to new markets and products as we find opportunities worthwhile.”
The project is centrally located in National City and is approximately six miles southwest of downtown San Diego. The Paradise Senior Apartments site is near the Paradise Village retirement community, as well as Paradise Valley Hospital. Additionally, it is near Interstate 805 on the west, Division Street on the north, and South Harbison Avenue on the east, and East Plaza Boulevard on the south.
Parkview has provided in excess of $600 million in new construction financing across the United States over the last 24 months.