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6/11/20
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Rockefeller Group and joint venture partner MBK Real Estate have obtained a $24.4 mil construction loan from Los Angeles-based City National Bank for development of a 297.1k sf industrial building in Fontana. The loan includes a floating-rate financing structure with a 24-month term with extension options.
The $40 mil spec project, Fontana Santa Ana Industrial Center, is located at 10965 Banana Ave in Fontana and recently started construction. Rockefeller Group was able to secure both grading and building permits from the City of Fontana, which allowed the company to break ground on the project in April despite the current Covid-19 situation. Completion is expected in January 2021.
Rockefeller Group acquired the land for Fontana Santa Ana for $15.7 mil as an assemblage of eleven separate parcels. Located just off the I-10 Fwy and Cherry Ave on-off ramp, the Fontana Santa Ana Industrial Center site is situated at the southeast corner of Santa Ana Ave and Banana Ave. It will feature 36-foot-clear ceiling heights, approximately 10k sf of speculative office improvements, 164 auto-parking stalls, 185’ truck yard and 59 trailer-parking stalls.
Paul Earnhart, Doug Earnhart, Brian Pharris, and Ryan Earnhart of Lee & Associates – Ontario and Juan Gutierrez of Voit Real Estate Services are jointly marketing the project. Nasser Mustafa of ASG Development Advisors was the land sales broker for the 11 land transactions. The architect for the project is RGA, the civil engineer is Huitt-Zollars and RM Dalton will construct the building.
This is Rockefeller Group’s first and MBK Real Estate’s third transaction with City National Bank.
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