City National Bank Provides $24M Construction Loan for Inland Empire Development
The joint venture recently broke ground on the nearly 300,000-square-foot spec project
By Greg Cornfield June 12, 2020 12:00 pm
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City National Bank has provided $24.4 million in financing for the construction of a 297,200-square-foot industrial building in the Inland Empire — one of the premier industrial markets in the United States.
The debt was provided to a joint venture between Rockefeller Group and MBK Real Estate, which announced the funding Wednesday. The loan from the Los Angeles-based lender includes a floating-rate structure with a 24-month term and extension options.
In April, crews broke ground on the $40-million project, called Fontana Santa Ana Industrial Center, at 10965 Banana Avenue in the city of Fontana in San Bernardino County. It is located just off the I-10 Freeway, at the southeast corner of Santa Ana Avenue and Banana Avenue.
Development is expected to be complete by January. RGA designed the project, and RM Dalton will construct the building.
This is Rockefeller Group’s first and MBK Real Estate’s third transaction with City National Bank.
Paul Earnhart, Doug Earnhart, Brian Pharris, and Ryan Earnhart of Lee & Associates and Juan Gutierrez of Voit Real Estate Services are jointly marketing the project.
Rockefeller Group acquired the land for $15.7 million earlier this year as an assemblage of eleven separate parcels. Nasser Mustafa of ASG Development Advisors was the broker for the 11 land transactions.
Officials at City National Bank were not immediately available for comment.
