SACRAMENTO - 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.
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.
Petrovich Development Company, is one of the largest private retail developers in northern California, with over four million square feet of property either owned or under development. Petrovich has been entitling and developing primarily retail properties throughout Sacramento for 20 years and has over 31 years of commercial real estate experience.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital.Learn more about PCCP at www.pccpllc.com.