LOS ANGELES, CALIFORNIA – Parkview Finance announced today that it has granted PV Asset Management a $ 9.5 million home loan to develop 120 student homes at 625 Elm Street Prairie View in Prairie View, TX. The site is within walking distance of Prairie View A&M University (PVAMU), which has approximately 9,000 students enrolled. With this loan, construction has now started and completion is expected in the second quarter of 2021.
The Parkview loan will be used solely for the first phase of a 390 unit student housing project that is located on 12.5 acres within a 30 acre master plan project called Prairie View Plaza. In addition to the college dormitories, Prairie View Plaza will ultimately include 70 townhouses for sale, 100 apartments, and 58,000 square feet (sf) of retail space.
“We are pleased to provide this funding to PV Asset Management, an experienced real estate investment manager and developer focused on the development of student dormitories in underserved universities,” said Paul Rahimian, CEO of Parkview Financial.
Rahimian added, “Many traditional lenders generally shy away from student dormitories, especially in rural areas like Prairie View, Texas. However, we did extensive research and identified the tremendous shortage of student housing for PVAMU. This project is really needed and wanted by the community. The city, the university and the students have given this important project a lot of support. ”
The 120 units include 72 one bedroom / one bathroom units for a total of 625 sf and 48 two bedroom / two bathroom units for a total of 900 sf. All units have a washer / dryer, full kitchen appliances, and walk-in closets. The project’s public facilities include a pool, tennis courts, bike / hiking trails and a clubhouse.
About Parkview Financial: Parkview Financial was founded in 2009 by CEO Paul Rahimian. The Los Angeles-based direct private lender provides short-term bridging and construction loans backed by initial trust agreements to developers across the United States. Parkview manages a debt fund that raises approximately $ 600 million in home finance each year with loans ranging from $ 5 million to $ 100 million. Parkview’s excellent reputation as a private lender is based on its ability to provide fast, creative financing solutions to borrowers who need more leverage and execution security. Parkview provides loans for property types such as apartment buildings, industrial, office, retail, mixed-use, and specialty properties.