Commercial Ground-Up Construction01/04/2021
Parkview Financial, a direct private lending firm, provided a $12.5 million construction loan for a new a mixed-use project in Fairview, Oregon, a suburb of Portland. Situated on 1.59 acres, the two-building project will include 71 apartment units and 4,267 square feet of ground floor retail space in one of the buildings. Construction has commenced with an expected delivery date of November 2021. The unit mix will include 32 one-bedroom units and 39 two-bedroom units with an average size of 847 square feet as well as three retail units. In addition to the retail component, the residents will be able to enjoy other onsite amenities including a fitness center, management office, and a bike storage and repair room. This marks Parkview's second loan with the developer. In 2018, they built a 180-unit multifamily project next to the subject property. This private construction loan was funded in January 2021.