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January 24, 2021
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Parkview Financial Provides $80 Mil Loan for Construction of Newport Beach Luxury Condo Project

12/14/20

One Newport Development LLC is slated to start vertical construction in early 2021 on Uptown Newport, a residential project consisting of 66 for-sale luxury condominiums in Newport Beach, thanks to an $80 mil construction loan provided by Parkview Financial.

The development is on a 1.06-acre land parcel at 4311 to 4321 Jamboree Rd, near the major cross street of MacArthur Blvd. The fully entitled property has already undergone grading, and is expected to be completed in late 2022.

The six-story property will feature units ranging from 1.1k sf one-bedroom units to three-bedroom units totaling up to 3.3k sf with estimated pricing ranging from $1.1 mil to $4.3 mil. The units will feature a myriad of upgrades and special touches including ten-foot high ceilings, modern gas fireplace in the living room with stone surround, quartz countertop and backsplash in the kitchen, upgraded appliances including beverage center and wine refrigerator, smart home features, LED lighting, and patio with speaker system, among others.

The development will also include ground floor and subterranean parking totaling 121 spaces. Some notable common area features and amenities will include public spaces, pool, 24-hour concierge/attendant, secured access, library, and a fully equipped gym.

Paul Rahimian, CEO with Parkview Financial, noted that the affluent city of Newport Beach is experiencing an extreme shortage of new multifamily construction with the last project (Meridian) being delivered in 2015. Uptown Newport is targeted to local homeowners that are interested in downsizing from their existing luxury homes into new condominiums and offers a prime location with proximity to the medical center that is being built across the street as well as the shopping destinations at Fashion Island.

Lucien Lagrange Studio is serving as the architect and interior designer for the project. Lucien is a studio that specializes in condominium and hotel developments, primarily in Chicago with projects including the Waldorf Astoria Chicago and JW Marriot in Chicago.






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