August 26, 2020
Parkview Financial provided a $9.5-million construction loan to PV Asset Management for the development of 120 student housing units in Prairie View. The site is walking distance to the Prairie View A&M University (PVAMU) with enrollment of approximately 9,000 students.
With this loan, construction has now commenced. The loan will be used for the first phase of a 390-unit student housing project situated on 12.5 acres within a 30-acre master-planned project called Prairie View Plaza. Along with student housing, Prairie View Plaza will ultimately include 70 for-sale townhomes, 100 apartments and 58,000 square feet of retail.
Rahimian added, “Many traditional lenders shy away from student housing in general, especially in rural areas such as Prairie View,” said Parkview CEO Paul Rahimian. “However, we did extensive research and identified the huge shortfall of student housing supply for PVAMU. This project is really needed and desired by the community.”
For comments, questions or concerns, please contact Paul Bubny