June 10, 2020
Rockefeller Group and joint venture partner MBK Real Estate secured a $24.4 million construction loan from Los Angeles-based City National Bank to develop a 297,161-square-foot industrial building in Fontana. The $40-million Fontana Santa Ana Industrial Center is located at 10965 Banana Ave. and recently started construction. Completion is expected in January 2021.
Rockefeller Group’s James V. Camp says, “With this financing, we’re able to potentially enhance project-level returns, while preserving balance-sheet capital to further grow our development pipeline throughout the Inland Empire and Southern California.”
The developer also recently secured both grading and building permits from the City of Fontana, which allowed it to break ground on the project recently despite the current COVID-19 situation.
Lee & Associates’ Paul Earnhart, Doug Earnhart, Brian Pharris and Ryan Earnhart, along with Voit Real Estate Services’ Juan Gutierrez, are jointly marketing the project.
For comments, questions or concerns, please contact Dennis Kaiser