Parkview Financial, an alternative investment firm specializing in U.S. commercial real estate credit, has closed a $33 million construction loan for a new 27-unit for-sale condominium development located at 450 1st Street in Los Altos, California. The four-story development will offer 31,821 square feet of net sellable space, including five below-market-rate units, and feature one studio, four one-bedroom, twenty-one two-bedroom, and one three-bedroom units. Planned amenities include a bike room, mail room, and a fourth-floor common area deck.
 

The property is situated in downtown Los Altos, a highly desirable area known for its proximity to major Silicon Valley employers including Google, LinkedIn, Microsoft, Facebook, Apple, and Stanford University. The submarket is characterized by tree-lined streets, large private lots, and high-quality housing. Strong demand for modern, luxury condominium units in the area supports projected sales and long-term value.
 

The site occupies 0.34 acres and is fully entitled and permitted for development. Construction commenced in July 2021, with completion expected by May 2023. Parkview structured the financing to support the sponsor’s development of high-quality, for-sale housing in a competitive, high-demand Silicon Valley market.