Jason Illoulian’s Faring Lands $50M Refi for SoCal Warehouse: Report
By Nick Trombola June 26, 2024 4:22 pm
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A fully leased industrial facility in Southern California has secured new financing.
Jason Illoulian’s Faring landed a $50 million bridge loan from A10 Capital toward a 500,000-square-foot warehouse in the Inland Empire, according to The Real Deal, citing an announcement from Faring.
The deal for the warehouse at 12170 Momentum Road in Victorville, Calif., refinances a previous $42.5 million construction loan provided by Western Alliance Bank, per TRD. Other terms of the A10 loan were not immediately disclosed.
Faring developed the property in 2023 in partnership with logistics service G&B Fulfillment, and currently leases it to storage and information management firm Iron Mountain, per TRD.
Faring did not respond to a request for comment.
This is the second time West Hollywood-based Faring has made headlines this week. The firm recently secured a $35 million note from Centennial Bank for the Robertson Lane property, which is set for a 400,000-square-foot mixed-use project in West Hollywood, which will feature a 123-room luxury hotel and seven-story office tower.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
