Ambitus Partners Secures $28M Construction Loan For Development Site In Ontario California

The property involved in this transaction is a development site located at 3711 East Inland Empire Boulevard in Ontario, California. The site secured a construction loan of $28,000,000 for the development of an 83-unit multifamily project. The loan terms include a 30-month fixed period with two 6-month extension options, and it carries a rate of 10.35% with 75% loan-to-cost.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $28,000,000
• Loan Type: Construction
• Loan Terms: 30-month fixed with two 6-month extension options
• Lender: Crestline Investors, Everest Holdings & Conifer Capital
• Landlord: Eddy Wan, Kent Hung & Charlie Huang - Ambitus Partners
• Broker: Kevin Choquette - Fident Capital

Ambitus Partners secured the financing for this development, highlighting the involvement of Kent Hung, Eddy Wan, and Charlie Huang as key figures from the landlord side. Fident Capital, represented by broker Kevin Choquette, facilitated the arrangement of the loan for the project development.