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.
Major Financing Secured for Mixed-Use Development in Rancho Cucamonga
Marcus & Millichap Capital Corporation (MMCC) has successfully arranged $64 million in financing for an exciting mixed-use development project in Rancho Cucamonga. Located at 8500 Haven Ave, this project will bring together a blend of multifamily, retail, and commercial spaces to the area, presenting a significant urban enhancement in the locality.
Financing Details and Strategic Importance
The funding played a crucial role in supporting mid-construction finances for the ambitious development plan. It was procured through collaboration with Parkview Financial, representing a private developer keen on pushing forward with the plans. This financing aligns with broader investment strategies in the region, where solid market fundamentals are evident.
Details of the Mixed-Use Project
The planned project will feature six residential buildings alongside a mixed-use building designed to accommodate 248 apartment units. The ground-floor section of this mixed-use structure is designated for commercial activity, catering to the needs of residents and visitors alike. Additionally, a separate retail building will complete the development, enhancing the overall appeal to local shoppers and fostering a vibrant community space.
Smooth Transaction and Organizational Efficiency
The transaction process was notably smooth, attributed to the efficient underwriting practices and the organizational prowess of the borrower’s team. Such meticulous planning has contributed positively to the overall financing journey.
Broader Real Estate Activity in Rancho Cucamonga
In addition to the development financing, there is significant ongoing activity in the real estate sector within Rancho Cucamonga. Recently, the Hanley Investment Group Real Estate Advisors completed the sale of two standalone buildings that host popular chains, Chipotle and Starbucks, for a total of $6.22 million. This sale reflects the rising demand for retail spaces in thriving urban areas.
Buyer and Seller Representation
The seller, Chase Partners Ltd., was represented by executive vice presidents from Hanley Investment Group, while the buyer, a private investor, was supported by a representative from a different real estate company. This transaction underscores the robust brokerage relationships cultivated within the Southern California market, which have yielded multiple offers from interested buyers.
Improvements to the Retail Establishments
Notably, the location housing the Starbucks underwent an extensive rehabilitation and expansion, aimed at enhancing the overall customer experience. This modernization effort demonstrates a commitment to improving local services and amenities while encouraging further investment in the area.
Project Management and Closing Efficiency
The project was meticulously managed by a project manager from Chase Partners Ltd., ensuring that all aspects adhered to timelines and expectations. The collaborative effort among brokerage teams facilitated a seamless closing, contributing to an ongoing narrative of growth and transformation in Rancho Cucamonga.
Conclusion
The successful financing of the mixed-use development, along with active retail growth, reflects a vibrant real estate landscape in Rancho Cucamonga. As community needs evolve, such projects not only foster economic growth but also enhance the quality of life for residents and visitors 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
