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12/10/14
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CBRE Capital Markets’ Debt & Structured Finance team has secured a $33.1 mil construction loan for Parklands Apartments, a 173-unit, Class A apartment development in Ventura.
The borrower is BAJO Ventura LLC, an entity owned by John A. Ashkar, a real estate developer based in Westwood, who has developed a number of projects in Ventura and elsewhere in California.
Sharon Kline and Marina Massari of CBRE’s Newport Beach office secured the three-year loan with two 12-month extension options. The loan was provided by U.S. Bank.
The project will be designed in Mediterranean-style architecture and will offer a multitude of community amenities. Residents of the property will have access to various courtyards and an elevated deck overlooking the Brown Barranca, which includes recreational facilities, barbeque areas, swimming pool and spa.
Linear parks, bike pathways and pocket parks in and around the project will provide residents with ample green space for outdoor recreational activities. Other amenities will include a full gym, coffee bar, lounge, conference room and game room.
Construction of the development will commence within the next 30 days. The project is bounded by Telegraph Road to the north, Wells Road to the east, and the Brown Barranca to the west and south.
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