BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $61,000,000 construction loan to finance the first phase of Park Center at Seven Oaks, a planned 520-unit multifamily community in Bakersfield, CA. Upon completion, it will be the largest multifamily development in Kern County. Phase one will deliver 352 garden-style apartment homes.
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–located at SWC S. Allen Road and White Lane–will feature 17 residential buildings as well as 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 include: quartz countertops, subway tile backsplash, white shaker cabinets, hardwood-style plank flooring, stainless steel appliances, in-unit washers and dryers, fiber optic internet, private patios, and 9-foot ceilings..
The property will include a full suite of resort-style community amenities. The common area will include 16,200 square feet of interior amenity spaces, featuring a clubhouse with kitchen, lounges, co-working space, storage, mail room, fitness center with yoga studio, two pools, pergola-shaded BBQ patios, and fire pits, shared active-use turf area with cornhole, volleyball, and ping pong. The community will also include pet-friendly features, including a fenced dog run and on-site dog wash stations. A community bike trail bisecting the two phases of construction will provide access to the rest of Seven Oaks.
The Park Center Apartments will be a signature addition to Seven Oaks, a premier master-planned community in Bakersfield known for its upscale homes, neighboring shops, , 27-hole championship golf course, and abundant recreational facilities.