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September 25, 2020
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Bay Area Mixed-Use Project Underway Thanks to $65 Mil in Construction Money


Fremont Hills Development Corp has obtained $65 mil in construction financing for the development of Mission Hills, a mixed-use project in the Bay Area city of Fremont. The loan was provided by Parkview Financial.

Located at 2501 Cormack Rd, the development is comprised of 158 residential units above 53.9k sf of ground-level retail, along a walkable promenade. The project broke ground in the fall of 2017 and is expected to be completed in winter of 2019.

Located two miles from the Tesla factory in Fremont, Mission Hills is situated on 13 acres in the heart of the San Francisco Bay Area, where strong demand for apartments exceeds the limited supply. At the time of underwriting, demand contributors in this Fremont submarket had pushed vacancy rates down to 2.2%, as rents were on the rise.

Designed by Hoover Associates Architects, the developmentís ground floor commercial and retail component will offer 21 storefronts along its walkable, hardscaped promenade. The residential component rises on all sides of the projectís central promenade, offering residents the amenities of retail connected living akin to more urban areas. This sense of connected living is juxtaposed nicely against the spacious backdrop of the adjacent rolling hills and community walking trails.

Communal amenities available to residents include a private second floor courtyard, landscaped playground and park area with trails. Each unit features central air, in-unit laundry facilities, stainless appliances, quartz counters, engineered hardwood floors, and a private deck.

Paul Rahimian & Andrew Benton with Parkview Financial originated the loan.

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