Maverick Commercial Mortgage, Inc. Announces A $50,585,000 Construction Loan On A 205,000 NRSF Shopping Center Located In Ontario, California
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Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage construction loan on a 205,000 NRSF shopping center located at Ontario Ranch Road and Hammer Avenue in Ontario, California. The site consists of 14 acres of zoned commercial land. The sponsors have already leased 142,885 SF of space with the following NNN lease tenants: Amazon Fresh, Burlington, Five Below, Hobby Lobby, and Planet Fitness. The sponsors have another 60,000 SF of space under letter of intent with McDonalds, Ross, Chipotle, Hart House, Raising Canes, and, Mattress Firm to name a few. The convenient location offers direct access to the I-15 via the new connection at Cantu Galleano Road as well as the connection to the 60 Freeway via the newly improved Archibald Avenue. The subject property’s site is adjacent to Ontario Ranch, an 8,000 acre master-planed communities with over 46,000 homes.
The recourse loan has an initial term of two years with two extension options of six months each. The loan is open to prepay at anytime without penalty. The proceeds which were limited to 75% of cost enabled the borrowers to acquire the property, fund hard and soft costs, fund an interest reserve as well as a tenant improvement and leasing commission reserve, and pay for closing costs.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $50,000,000 for its middle market real estate developer and investor clients.
Please contact Ben Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.