Parkview Financial recently funded a construction loan to build 28 new condominiums over 6,500 SF of retail and office space in the heart of the Silicon Valley. The sponsor on this project is an experienced developer, who began the process by purchasing the parcels in 2012 and steadily entitled and permitted the land to proceed with developing this project. Parkview Financial was able to provide 50% of the original land cost upon funding, plus 100% of hard construction costs at the rate of 11.00% with interest only being charged on funds as they are disbursed. The community has relished the idea of a new condo project as the area is severely void of new multifamily product and the City is excited to see the project being built.
The Registry- Bay Area Real Estate