The apartment boom continues! Century is working with a new developer, Uzi Levy, to build fourteen new apartments in Van Nuys. Mr. Levy is moving up from installing and maintaining commercial/residential fire and life safety systems to ground-up development, assisted by his general contractor, Blondy Development, a prior Century client. Century’s $2.26 million construction loan (closed June 15th) will create 14 new 2 and 3 bedroom apartments, affordable for moderate income families, when construction is completed in 2013.
Like most areas of the San Fernando Valley, West Van Nuys has strong rental market, giving Century comfort. This is our fourth apartment construction loan in the SFV in the past year, with several more in the pipeline.