OC-based JV gets $77M loan for Inland Empire residential
A pair of Orange County developers is set to start a mixed-use project on the edge of the Inland Empire.
A joint venture between Village Partners and the Bascom Group has gotten a $77 million construction loan to build a mixed-use redevelopment project with 350 residential units, the firms announced on Monday.
Providence, RI-based Citizens Bank provided the loan, with JLL brokering the financing.
The two developers bought the six-acre site at the same time, paying $10 million. The seller was not disclosed, but records show the land was previously owned by Miriam Kendall.
Montclair is in San Bernardino County, where the 10 Freeway passes into the Inland Empire. It counts the L.A. County cities of Pomona and Claremont as neighbors to the west and Ontario to the west.