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.
When parents can find quality, affordable childcare, it can literally change their lives. No one knows that better in the Los Angeles and San Bernardino area than Child Care Resource Center (CCRC). The organization builds bridges between local families and the services they need.
We are proud to be an integral part of CCRC’s recent purchase of a building in the Antelope Valley. We attended the ribbon cutting on September 27th and celebrated CCRC’s purchase of 250 Grand Cypress Avenue in Palmdale with the CCRC staff and other community supporters. CCRC was already leasing the building to house some of its administrative functions, and watching them transition to owning the building was tremendously rewarding.
Using Municipal Bond financing, CCRC secured a loan through Grandpoint Bank to buy the building and ensure that more than 70 members of its staff could remain at that location. This seamless transition in location means nothing will interrupt their good work to provide child care financial assistance, training, technical assistance and other workforce development opportunities. The CCRC staff at this location also work with the Palmdale School District to offer Head Start preschool and wraparound services.
By using this unique loan structure and transitioning to mortgage payments rather than lease payments, CCRC will reduce its costs. Any boost to the bottom line means an already phenomenal agency can provide even more help to tens of thousands of families each month, such as securing childcare referrals, sending parents back to work, reducing childhood obesity and generally supporting the welfare of children throughout Northern Los Angeles and San Bernardino counties.
“CCRC had some special loan requirements, so we all moved mountains to make sure the organization could rely on Grandpoint to support the type of loan that would best suit the long-term sustainability of the organization and to provide the banking services it needed,” said Arlet Hur, Senior Vice President at Grandpoint Bank.
Grandpoint and its divisions work with many non-profit organizations throughout Southern California, Arizona and Western Washington.
“We genuinely love working with non-profit organizations, and we’ve tailored a lot of our services specifically to them, including our non-profit money market account,” Arlet added.
Founded in 1976, CCRC services a 22,500-square-mile area and provides tens of thousands of child care referrals each year. The organization maintains a book/toy/resource lending library; offers programs for combatting obesity; provides preschool education, meals and medical and vision exams for kids; offers training to help childcare providers, other non-profits and families; promotes literacy through various programs; and even provides gifts for kids who may not otherwise receive any.
To learn more about how you can support CCRC and its wonderful programs, visit its website at ccrcca.org.
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