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9/22/20
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Pacific Heritage Communities has secured a $54 mil permanent loan on Parklands Apartments, a newly completed 173- unit multifamily community in the city of Ventura.
Located at 10940 Bajo Rd, at Telegraph Rd, a few blocks from the confluence of the 118 and 126 freeways, Parklands offers a mix of one-, two- and three-bedroom units in seven different floorplans. The apartments include gourmet entertaining kitchens, stainless steel appliances, convection ovens and more.
Parklands Apartments features views of the nearby mountains and surrounding farmlands. Community amenities include: a rooftop retreat with fire pits, BBQs and refrigerator; an event lounge with gaming room and billiard table; multiple social gathering spaces; a highly amenitized clubroom; and a fitness center.
The financing was arranged Gary M. Tenzer and Antonio Hachem with George Smith Partners. The non-recourse loan has a 3.01% fixed rate for a 15-year term with seven years interest-only, at 70% LTV.
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