Barry Slatt Mortgage Chief Operating Office Michael Kaplan successfully arranged a $16,170,000 construction loan to facilitate the construction of five industrial buildings situated on just over 14 acres in the City of Ontario, CA. The development will consist of for sale buildings ranging in size from 16,000 SF to 98,000 SF and will provide 2-story offices and large fenced yards. The development will be one of the first small building projects to break ground in Ontario post-recession.
The developer sought out a lender early on in the process who could provide the flexibility necessary to work through the assemblage of the parcels that were acquired from local families and the city of Ontario, a process that took over 12 months to complete. During the course of this period the lender, Calabasas-based Partners Capital Solutions, was able to provide capital in the form of an acquisition pre-development loan as well as arrange for the take-out funds to start vertical construction.