Monthly Archives: November 2017
Simi Valley is on track to get 65 much-needed, new rental units, and we’re part of the team making it happen.
Chris Itule, principal of Itule Real Estate Group partnered with Norman Doerges and Randall Gustafson of Aurora Development Company and long-time Grandpoint Bank clients Adrian Stern and Larry Clumeck of Clumeck Stern Schenkelberg & Getzoff, to form 1196 Patricia Avenue Association.
Having earned approval to develop the property, the development team held a groundbreaking ceremony on November 1, where representatives from our bank were on hand to lend support and help celebrate this exciting milestone.
With help from our Construction Lending division, bankers in our Encino office were able to provide the construction loan for the project, known as Patricia Parc. The 24-month, interest only loan with a six-month extension option gives the developers time to complete the project before converting to a permanent phase at completion.
“It’s really exciting to work with developers from vision to finished product, literally seeing your work take form,” said Arlet Hur, Senior Vice President at Grandpoint Bank. “This development team really seems to know its target customer and understand the critical need for rental housing in Simi Valley.”
With Simi Valley’s median home prices ranging upwards of $600,000, many people, especially Millennials, face significant financial hurdles to home ownership. High quality rental properties are in great demand.
The three-story Patricia Parc community will offer one- and two-bedroom units and many amenities popular with Millennials. Those include electric vehicle charging stations, free Wi-Fi, bike lockers, a pool and gym, an outdoor kitchen, access to the Arroyo Simi Greenway and a dedicated rideshare drop-off and pickup area, among others. Patricia Parc is located less than one mile from Simi Valley Town Center and less than five miles from the Simi Valley Metrolink Center.
Five of the units will be designated as affordable for very-low-income tenants, and at least seven units will be handicapped accessible. Project completion is estimated for late fall or winter of 2018. 1196 Patricia Avenue Association has selected McCarthy Companies to construct Patricia Parc.
We’re eager to watch this exciting project take form and to help facilitate new housing options for members of our community.
For more information about construction lending through Grandpoint Bank, please visit the products and services page of our website at grandpointbank.com/product-and-services-commercial-banking-credit-and-financing.
With crisp air and colors on the trees, we know another year is soon behind us. But first, we gather to celebrate, count our blessings and reflect. Thanksgiving is unlike any other holiday we celebrate. It’s a day to gather with those we love and the friends we hold dear; a day to share a meal and to share each other’s company.
Whether your Thanksgiving celebration is near or far, large or small, we at Grandpoint Bank wish you a wonderful day, filled with cheer and the warmth of the holiday season.
Members of our staff recently toured the Long Beach campus of U.S. Vets, an organization dedicated to helping veterans and their families make a successful transition to civilian life by providing housing, counseling, career development and comprehensive support. Our visit included the presentation of a $10,000 donation to the organization.
According to U.S. Vets, about 50,000 vets in our nation are homeless – men and women who have served valiantly for our country and now find themselves sleeping on the streets.
“Beyond the essentials, what I saw during our visit is that U.S. Vets is giving veterans back their self-respect,” says Darlene Esquerra, Senior Vice President & Community Development Office of Grandpoint Bank. “Everyone is treated with kindness by staff members and volunteers, who, in many cases, have had the same experiences as the veterans.”
U.S. Vets is the largest organization of its kind addressing the needs of homeless and at-risk veterans and their families in the U.S. Their Long Beach facility is located on 25 acres of former Naval housing and offers a variety of permanent and transitional housing – including a building for women veterans with up to two children and housing for homeless vets — dining facilities, community center, clinic, classrooms, recreational facilities and even an urban forest where residents can pick fruits and vegetables.
“Grandpoint Bank’s support of our programs across Southern California makes it possible for us to fill the gaps and really meet the unique needs of each one of the veterans we serve,” said Laney Kapgan, Vice President of Development and Communications for U.S. Vets. “With more service men and women coming home than ever before, this investment will help us continue to expand not only housing but also key employment and mental health programs for our veterans.”
Grandpoint was introduced to U.S. Vets through our Executive Vice President and CCO Mark Phillips, who struck up a conversation with U.S. Vets National Director of Programs, Larry Williams, on an airplane. Mark was so impressed with the program, he referred the information for consideration as a Grandpoint Bank Community Reinvestment Act-qualified donation. The rest, as they say, is history.
You can find more information about U.S. Vets on their website usvetsinc.org.
We’re proud to salute U.S. Vets for helping so many vets and their families, and we thank all the members of our armed services, past and present, for their dedication and selflessness.