Loan Obtained for Rio Vista Office Project

CalMat/Oliver McMillan Ventures has secured a $33-million loan for construction of the first phase of Rio Vista Towers, a $100-million office park to be built at the southeast corner of Stadium Way and Friars Road in Mission Valley.

The loan, made by the First Chicago division of First National Bank of Chicago, will fund construction of a 200,000-square-foot office building and two 10,000-square-foot pavilions. Ground breaking for the first phase is set for June 1, and completion is expected in July, 1988.

An identical tower containing another 200,000 square feet of space will be built in the project’s second phase, which is expected to break ground by fall, 1988. CalMat/Oliver McMillan is a joint venture of Los Angeles-based CalMat Properties and Oliver McMillan, a development company based in San Diego.