Bayview PACE Provides $5M Financing on Pasadena Condo Project
Bayview PACE provided $5 million in C-PACE financing for a new 19-unit condominium home development at 150 S. Oak Knoll in Pasadena’s Playhouse District. Project sponsor Nor Brand III LLC is building 11 one-bedroom units and eight two-bedroom units with private roof-top patios for the penthouse units. Some 32 parking spaces are planned.
The Oak Knoll condos are convenient to a neighborhood of historic buildings, high-end properties and a small shopping center. The project is also less than a mile from Kaiser Permanente School of Medicine, California Institute of Technology and Pasadena City College.
With C-PACE filling a key role in the overall $15-million project, the condos are expected to start construction soon and anticipated completion is in late 2024. The lead mortgage lender is First General Bank. Construction is by Pasadena based MSB Constructors, Inc. and the architect is ONYX.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).