Development of 66 Luxury Condominiums
Newport Beach, CA
Parkview Financial has provided an $80 million construction loan to One Newport Development, LLC for the development of Uptown Newport, a residential project consisting of 66 for-sale luxury condominiums at 4311 to 4321 Jamboree Road in Newport Beach, CA. Situated on a 1.06-acre land parcel near the major cross street of MacArthur Blvd., the fully entitled property has undergone grading, and with this loan in place, vertical construction is scheduled to commence in early 2021 with completion anticipated for late 2022.
The six-story property will feature units ranging from 1,100-square-foot one-bedroom units to three-bedroom units totaling up to 3,285 sf with estimated pricing ranging from $1.1 million to $4.3 million. The units will feature a myriad of upgrades and special touches including ten-foot high ceilings, modern gas fireplace in the living room with stone surround, quartz countertop and backsplash in the kitchen, upgraded appliances including beverage center and wine refrigerator, smart home features, LED lighting, and patio with speaker system, among others. The development will also include ground floor and subterranean parking totaling 121 spaces. Some notable common area features and amenities will include public spaces, pool, 24-hour concierge/attendant, secured access, library, and a fully equipped gym.
Despite the COVID-19 crisis and being on hold for originating new loans, this has been Parkview’s best year ever for the firm. By year-end, Parkview is on target to execute more than $548 million in construction financing across the nation, an increase from its 2019 activity.
“This sizable fourth quarter loan is a great way for our firm to wrap up 2020 taking into consideration the challenges this year has brought to everyone including the construction industry,” said Paul Rahimian, CEO with Parkview Financial. “We continue to see a demand for multifamily housing product in key U.S. markets and plan to be even more bullish with new project financing in the new year.”
Rahimian noted that the affluent City of Newport Beach is experiencing an extreme shortage of new condo construction with the last comparable project (Meridian) being delivered in 2015. Uptown Newport is targeted to local homeowners that are interested in downsizing from their existing luxury homes into new condominiums and offers a prime location with proximity to the medical center that is being built across the street as well as the shopping destinations at Fashion Island.
Lucien Lagrange Studio is serving as the architect and interior designer for the project. Lucien is a studio that specializes in condominium and hotel developments, primarily in Chicago with projects including the Waldorf Astoria Chicago and JW Marriot in Chicago.