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December 16, 2018
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Construction of Oxnard Res Development Financed with $13.5 Mil Loan


California Commercial Investment Group has obtained $13.5 mil in financing for the ground-up construction of a 72-unit apartment community in Oxnard. The money was arranged by Quantum Capital Partners.

Construction has commenced on the project, College Park Apartments, which is located on the northeast corner of Channel Islands Blvd and Statham Blvd. When completed, the three-acre multifamily community will consist of one-, two- and three-bedroom units averaging 874 sf in size. Six of the 72 units will be affordable rate housing units. The community will feature a children’s play area, fitness center, and activity room. Construction is expected to be completed in fall, 2018.

Quantum’s Max Mellman and Jonathan Hakahka secured the 80% loan-to-cost financing with a California-based commercial bank at 275 bps over 90-day LIBOR. According to Mellman, although there’s been some lender pullback in the construction lending market, high leveraged financing is still available for well-located assets with strong sponsorship.

“To justify the high LTC, we conducted an in-depth study of the market and demonstrated to lenders that the market’s fundamentals and lack of supply, coupled with the sponsor’s long track record of success, warranted a loan with maximum proceeds at a very competitive rate,” added Hakahka.

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