BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $61,000,000 construction loan to finance the first phase of Park Center Apartments at Seven Oaks, a planned multifamily community in Bakersfield, California.
Tom Turnage, senior vice president, and Alex Gregoire, vice president, both in BWE’s Irvine office, originated the four-year, floating-rate, interest-only construction loan with a 12-month extension from a super-regional bank on behalf of the borrower, Presidio Capital Partners.
“Presidio Capital Partners came to us with a clear vision for Park Center, to create something that complements the character and prestige of the Seven Oaks community, while offering a fresh take on high-quality multifamily living in Bakersfield,” Turnage said. “Leveraging our full suite of capital solutions, we found the right lending partner to deliver financing tailored to their business plan.”
This initial southern phase of Park Center Apartments, to be located at SWC S. Allen Road & White Lane, will include the 17 residential buildings, leasing office, fitness center, and pool house. Of the 352 planned units, 152 will be one-bedroom, one-bathroom units, and the remaining 200 will be two-bedroom, two-bathroom units. Unit amenities will include a clean white subway tile backsplash, quartz countertops, white cabinets, hardwood plank flooring, stainless steel appliances, washers & dryers, fiber optic internet, and private patios in select units.
The property will include pet-friendly accommodations, with a fenced dog run and on-site dog wash stations. The common area will include 16,200 SF of interior amenity spaces, featuring a clubhouse with kitchen, lounges, storage, mail room, fitness center with yoga studio, two pools, pergola-covered BBQ patios with lounge areas, and fire pits, shared active-use turf area with cornhole, volleyball, and ping pong. A community bike trail bisecting the two phases of construction will provide access to the rest of Seven Oaks.
The Park Center Apartments are set to be the latest addition to Seven Oaks, a high-end master-planned community in Bakersfield renowned for its upscale homes & retail amenities, 27-hole championship golf course, and a host of recreational facilities.
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform.
