Updated Dec 4, 2024
Gantry Secures $10.7M Construction Loan For 28-Townhome Project In Ontario
1411 Grove Avenue
$10,700,000
$280/SF
Building Size
38,144 SF
Asset Type
MultiFamily
Closing
Jun 18, 2024
About this deal
AI
The property at 1411 North Grove Avenue in Ontario, Calif., is a multifamily asset consisting of 28 units spanning 38,144 square feet. The construction loan secured for this project amounted to $10,700,000 and features a two-year term with interest-only payments, along with two six-month extension options. The loan was arranged through gantry-4'>Gantry's network of lenders, highlighting the strong housing demand and economic fundamentals of the project.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,700,000
- Units: 28
- Square Footage: 38,144
- Address: 1411 North Grove Avenue
- Market: Ontario
- Landlord: Glenn Wesissman
- Brokers: Stefan Malmlund, Tom Grzebinski & Zachary Wagner - gantry-4'>Gantry
gantry-4'>Gantry played a pivotal role in securing the construction loan for the 28-townhome project, underscoring the company's expertise and strong relationships within the lending community. The successful arrangement of the loan reflects gantry-4'>Gantry's ability to identify and capitalize on opportunities in the real estate market, ultimately facilitating the development of this promising project expected to be completed by early 2026.
On the Map
$10,700,000
$280/SF
MultiFamily
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Ontario MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.48%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93