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| Aerial of planned Curtis Park Village, Sacramento, CA |
Sacramento, CA, Oct. 9, 2013 - PCCP, LLC announced today it
has provided a $41 million full recourse senior loan to Petrovich Development
Company to refinance an existing senior loan and to provide future funding for
the completion of infrastructure at Curtis Park Village.
Curtis Park Village is a $250 million mixed-use development
comprised of 71 acres of vacant land that is currently entitled for 181 single
family homes, 334 multifamily units, three commercial sites, open space, parks
and public property.
The land is an infill location between Land Park and Curtis
Park, two 80-year-old legacy neighborhoods that are the most sought after,
high-end traditional neighborhoods in the City of Sacramento.
Curtis Park Village is located at the intersection of
Sutterville Road and 24th Street and is directly adjacent to Sacramento City
College and the 130-year-old Children’s Home. The land was a former Western
Pacific rail yard and will be served by light rail via an $11 million
pedestrian and bicycle bridge now under construction.
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| Sacramento City College |
In 2003 the site was acquired by Petrovich Development from
the Union Pacific Railroad who had since purchased the Western Pacific rail
yard.
Petrovich Development Company has expended more than $30
million over the past decade to clean up and entitle the site for the planned
development. Recently the firm commenced the Phase I infrastructure construction
that is expected to be completed by April of 2014.
”We are pleased to provide financing for this one-of-a-kind
infill redevelopment project that will greatly enhance the neighborhood and
bring a signature Petrovich Development Company, grocery-anchored retail
development to this underserved submarket. The company’s president, Paul
Petrovich, has worked exhaustively over many years to make this project a
reality,” said Phil Russick, principal with PCCP, LLC.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
.
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