Take-out financing of $13.9 million has been obtained for the development of Las Virgenes Business Park on 35 acres at the southeast corner of Agoura and Reyes Adobe roads in Agoura Hills.
Piedmont Development Co. is planning a five-story, 300-room Holiday Inn, three free-standing restaurants, and seven office buildings totaling 258,000 square feet. Phase 1 of the project, scheduled for completion in late 1986, will include 150 of the hotel rooms, the three restaurants and two office buildings.
The financing has been arranged by David Doupe, manager of the Los Angeles office of the Barry S. Slatt Mortgage Co. and was supplied by a construction industry pension fund in Southern California.
The developer is a limited partnership managed jointly by Piedmont Development Inc. and MKB Industries Inc., based in Santa Monica.