Parkview Financial announced today it has provided a $31.85 million construction loan to San Diego-based Poway Property, LP for the development of Outpost, a three-building mixed-use project located at 13247 Poway Road in Poway, CA (north San Diego County). Upon completion, the 97,240-square-foot property will include 53 apartment units and ground floor retail space that is fully pre-leased to Crunch Fitness and Three Local Brothers. There will also be two levels of underground parking with 337 parking spaces.
“Parkview feels that this is an attractive opportunity for us to provide a $31.85 million loan to Poway Property,” said Paul Rahimian, CEO with Parkview Financial. “The company used its own money to start the work but in order to expedite the construction process, it obtained construction financing from Parkview – which will ultimately provide assurance of access to capital and ensure timely completion of the project.”
Rahimian added, “This is the first major redevelopment along the Poway Road corridor and the first new apartment project in Poway for the last 20 years. We continue to see a pent-updemand for quality rental living choices in the immediate area as well as throughout the greater San Diego region.”
Situated on 1.55 acres, Outpost is located on the south side of Poway Road between Bowron Road and Community Road. Construction began in the summer of 2018 with completion anticipated in 2020.
The residential portion of the property will include 16 one-bedroom units, 22 two-bedroom unitsand 15 three-bedroom units. In addition to the retail amenities, the property will feature patios, a courtyard, a roof-top deck and leasing office. The rental units will include engineered hardwood/vinyl flooring, stainless steel appliances, and stone countertops.
The property is near a variety of retail, entertainment and dining options including HomeGoods, Vons, Walmart Supercenter, Lowe’s and AMC Dine-In Theaters.