Parkview Financial has provided an $80 million construction loan for the development of a community of luxury condominiums in Newport Beach, Calif.
One Newport Development is undertaking the development of the residential project, known as Uptown Newport, which is situated on a 1.06-acre land parcel. The six-story property consists of 66 for-sale luxury condominiums, featuring options ranging from 1,100-square-foot one-bedroom units to 3,285-square-foot three-bedroom units.
The units will feature upgrades such as 10-foot ceilings, modern gas fireplaces, quartz countertops and backsplash in the kitchen, upgraded appliances, LED lighting, and a patio with speaker system. The development also will include 121 ground-floor and subterranean parking spaces. Common areas will feature a pool, a 24-hour concierge, secured access, a library and a fully equipped gym.
With the loan in place, construction work is scheduled to begin in early 2021 with completion expected for
