LOS ANGELES—Developer John A. Ashkar of BAJO Ventura has secured a $33.1 million construction loan for the development of the Parkland Apartments. The 173-unit multifamily complex is a class-A development in Ventura, CA. This is one of many multifamily developments that Ashkar has completed in the Ventura submarket.

Sharon Kline and Marina Massari of CBRE's capital markets' debt and structured finance team secured the funds on behalf of the borrower. The loan has a three-year term with two 12-month extension options. U.S. Bank funded the loan. Kline and Massari were not available to comment on the transaction before the publication of this story.

Located between Telegraph Road, Wells Road and the Brown Barranca, the development is set to begin construction in the next 30 days. The property will be built with Mediterranean-style architecture, and will feature a wealth of amenities, including a full gym, coffee bar, lounge, conference room and game room. Tenants will also enjoy plenty of outdoor space through courtyards, an elevated deck overlooking the Brown Barranca, linear parks, bike pathways and pocket parks. For recreation, the property also features a swimming pool, spa and barbeque areas.

Multifamily development in the Ventura submarket has been making headlines recently. Last month, GlobeSt.com reported that Ventura Heritage Corp. had secured a $30.6-million construction loan to cover a portion of the construction costs for its development Island View Apartments, a class-A multifamily property with 154 units. That loan was also funded by U.S. Bank and secured through CBRE.