SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property.
It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard.
Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.