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August 22, 2019
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SAN DIEGO NEWS
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Poway Property Secures $32 Mil in Financing for Construction of 97k sf Mixed-Use Development

6/17/19

Poway Property LP has obtained $31.85 mil in construction financing for the continued development of Outpost, a three-building, 97.2k sf mixed-use project located at 13247 Poway Rd in Poway. The loan was provided by Parkview Financial.

Outpost will include 53 apartment units and ground floor retail space that is fully pre-leased to Crunch Fitness and Three Local Brothers. There will also be two levels of underground parking with 337 parking spaces. The project, which was started in summer 2018, is slated for completion in 2020.

Situated on 1.55 acres, Outpost is located on the south side of Poway Rd between Bowron Road and Community Road. The property is near a variety of retail, entertainment and dining options including HomeGoods, Vons, Walmart Supercenter, Lowe’s and AMC Dine-In Theaters.

The residential portion of the property will include 16 one-bedroom units, 22 two-bedroom units and 15 three-bedroom units. In addition to the retail amenities, the property will feature patios, a courtyard, a roof-top deck and leasing office. The rental units will include engineered hardwood/vinyl flooring, stainless steel appliances, and stone countertops.

“The company used its own money to start the work but in order to expedite the construction process, it obtained construction financing from Parkview – which will ultimately provide assurance of access to capital and ensure timely completion of the project,” said Paul Rahimian, CEO with Parkview Financial. “This is the first major redevelopment along the Poway Road corridor and the first new apartment project in Poway for the last 20 years.”





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