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.