Ambitus Partners Lands $28M Construction Loan for SoCal Apartments

Ambitus Partners has sealed $28 million of construction financing to build a multifamily project in Southern California’s Inland Empire, Commercial Observer has learned.

A lending consortium of Crestline Investors, Everest Holdings and Conifer Capital provided the 30-month-fixed loan with two six-month extension options for Ambitus’ Melodia apartment development in Ontario, Calif. 

The nonrecourse deal closed with a 10.35 percent interest rate and 75 percent loan-to-cost, according to Fident Capital, which negotiated the debt. 

Kevin Choquette, founder of Fident Capital, said achieving the targeted loan amount was “critical” given there was $10 million of syndicated equity commitments from limited partners and a “hard ceiling” of just $1 million for additional capital calls. 

Choquette said Fident sought to alleviate concerns about achievable rents in the Ontario submarket by highlighting the area’s recent evolution into a logistics hub aided by a large cargo airport, access to the 11,000-seat Toyota Arena, and a planned Brightline train to Las Vegas.

“Despite lukewarm lender sentiment toward inland Southern California markets, the marketing process generated meaningful competition,” Choquette said. “The closing reinforces the value of detailed market analysis and creative structuring in navigating tertiary market transactions.”

Located at 3711 East Inland Empire Boulevard 42 miles east of Downtown Los Angeles, the 83-unit complex will comprise 120 parking spaces. Its amenities will include a pool deck, a hot tub and barbeque areas.

Crestline Investors, Everest Holdings, Conifer Capital and Ambitus Partners did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.