News Summary
Marcus & Millichap Capital Corporation has arranged $64 million in financing for a mixed-use development at 8500 Haven Ave, Rancho Cucamonga. The project includes 248 residential units and ground-floor commercial spaces, aiming to enhance the community’s living and shopping options. With a focus on de-risked construction timelines and a strong investment strategy, this financing supports the mid-construction phase of a promising project, amidst the backdrop of growing demand in the area’s real estate market.
Mixed-Use Development in Rancho Cucamonga Secures $64 Million Financing
In a significant boost for local development, a mixed-use project in Rancho Cucamonga has secured $64 million in financing. The funding, arranged by Marcus & Millichap Capital Corporation (MMCC), will help support mid-construction activities for the project located at 8500 Haven Ave. Designed to feature a combination of residential, retail, and commercial spaces, this initiative holds promise for enhancing the region’s economic landscape.
Details of the Development
The planned development will incorporate six residential buildings and include a mixed-use building featuring 248 apartment units along with ground-floor commercial spaces. Additionally, a retail building will be part of the overall project. By integrating various types of spaces, the development aims to cater to both residents and businesses, making it a pivotal area for community engagement.
Financing and Strategic Partnerships
Ron Balys, a senior managing director at MMCC’s Orange County office, was instrumental in securing the financing with Parkview Financial, which is affiliated with a private developer. The financing underscores the organization’s commitment to fostering growth in areas with strong economic potential. Through prudent underwriting practices and an organized team of borrowers, the transaction progressed smoothly, indicating effective collaboration.
Parkview Financial noted that the investment in this project is strategic, given the area’s solid market fundamentals. The comprehensive underwriting reflects a conservative approach to managing risk in the ongoing construction phase, ensuring that the timeline for completion remains on track and devoid of significant hazards.
Supporting Local Businesses and Investment Opportunities
In related news, a separate transaction showcased the ongoing vibrant business environment in Rancho Cucamonga with the sale of two standalone buildings occupied by major brands Chipotle and Starbucks for $6.22 million. The sale was facilitated by Hanley Investment Group Real Estate Advisors, highlighting the strong demand for local retail spaces.
In this case, the sellers, Chase Partners Ltd., received expert representation from executive vice presidents Bill Asher and Jeff Lefko. On the flip side, the buyer, a private investor, was represented by Shirley Kim at Epique Realty. This transaction is also evidence of a thriving real estate market, as the Starbucks location underwent a complete rehabilitation and expansion effort.
Rehabilitation Efforts by Developers
The renovations at the Starbucks location reflect ongoing efforts by developers to enhance existing properties. With Michael Carter serving as the project manager for Chase Partners Ltd., the upgrades not only improved the property’s appeal but also contributed positively to the local economy. The rehabilitation is indicative of the broader investment trends in the area.
Sustained Interest and Competitive Market
Asher remarked on the strong interest from potential buyers, revealing they had received multiple offers from Southern California-based investors. Utilizing established broker relationships enabled them to secure a repeat all-cash buyer, facilitating a smooth closing process. This competitive market environment reflects the increasing interest in Rancho Cucamonga as an attractive place for investment and business development.
The successful financing of the mixed-use project and the thriving sales activity surrounding established retail brands highlight the positive trajectory of Rancho Cucamonga’s development landscape. As the region continues to grow, it remains a focal point for both residential and commercial opportunities, attracting investors and developers alike.
Deeper Dive: News & Info About This Topic
Additional Resources
- MMCC Arranges Construction Loan for Rancho Cucamonga Mixed-Use Development
- Developer Sells Chipotle and Starbucks Drive-Thru in Rancho Cucamonga
- Dine 909: New Dessert Shops Open in Rancho Cucamonga
- Google Search: Rancho Cucamonga real estate
- Farrell’s Ice Cream Parlour in Rancho Cucamonga Has Closed
- Encyclopedia Britannica: real estate
Author: Construction CA News
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