Parkview Financial based in Los Angeles has provided a $28 million construction loan to Paradise Senior Apartment Complex of San Marcos for development of a National City senior housing project.
Construction of the five-story Paradise Senior Apartments at 2238 Sixth St. is expected to begin by the end of the year and be finished by the second quarter of 2021.
The complex will have 126 market rate apartments for tenants who are at least 55 years old and 10,000 square feet of commercial space on the ground floor.
There will be 116 one-bedroom apartments averaging 568 square feet and 10 two-bedroom apartments averaging 1,137 square feet.
Each of the apartments will have stainless steel appliances, wood cabinets, washers and dryers, a balcony or patio and plank flooring.
Building amenities will include a lounge, rooftop deck and 147 parking spaces.
“This is a well-located product in a market with very strong fundamentals,” said Paul Rahimian, Parkview Financial CEO.
“Parkview’s loan provided us with an opportunity to expand our multifamily lending capabilities into the senior housing space, a product type we feel is underserved in California, among other markets nationally,” Rahimian said.