Parkview Financial announced today it has provided a $32 million construction loan to oWow for the development of a four-story 102-unit 91,180-square-foot live/work affordable rental project in Oakland. Located on 1.44 acres at 1919 Market Street, the adaptive reuse project was formerly an industrial-zoned Greyhound Bus Terminal. oWow is an Oakland, CA-based company committed to building affordable new housing projects that strengthen neighborhoods by revitalizing unoccupied buildings and vacant land.
“Parkview’s construction loan features a low interest rate for the first 18 months and is extendable to 30 months,” said Paul Rahimian, CEO with Parkview Financial. “We saw this as a strong opportunity to lend to an experienced developer in a market that continues to see tight housing supply and rising property values.”
Rahimian added, “Oakland rents are trending closer to San Francisco pricing because of pent up demand. West Oakland has seen quite a bit of development recently as supply is lacking and this project will provide more affordable housing – which is even more scarce.”
“It has been challenging to secure construction financing as there are many banks that are apprehensive about venturing into west Oakland as they still don’t consider it as a prime area,” commented Danny Haber, CEO and co-founder of oWow. “Parkview stepped up and delivered on everything they said they would do, and we are looking forward to delivering a quality affordable housing project here.”
Completion of construction is anticipated for June 2020 and the project will be comprised of three-bedroom and four-bedroom flats and lofts with some ceiling heights up to 24 feet. Several of the property’s exterior walls will retain elements of the industrial facade of the original use, while the interiors will be entirely new construction. The 1919 Market Street project will feature large landscaped courtyards, retail coffee bar in the lobby, two elevators, resident lounge and bike room and onsite laundry. The units will include engineered vinyl flooring, stainless steel appliances and full kitchens.
1919 Market is located .8 miles from the BART 12th Street station in Downtown Oakland and is one-half mile from the Oakland’s city center.