$107 Million Construction Financing Arranged by Marcus & Millichap Capital Corporation for Los Angeles Area Mixed-Use Property
Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $107 million in financing for the construction of a 384-unit multifamily asset with 26,000 square feet of retail space located at 4117 E Concours Street in Ontario, California. The project, which is adjacent to the Toyota Arena, will include several digital media signs.
Stefen Chraghchian, senior director in MMCC's Encino office, secured the financing with Affinius Capital and Bank OZK on behalf of Adept Urban Development.
"We thank our client for their trust in our expertise to arrange the construction financing for this transformative development, allowing their vision for this site to come to life," said Chraghchian. "We navigated through a challenging lending environment to provide them with highly competitive terms. Adept Ontario, the development project, represents a profound commitment to a region in Southern California that is experiencing continued population and job growth. As the first phase of a master-planned development, Adept Ontario will bring a distinctive range of unit types and amenities that are generally unavailable in the Inland Empire market."
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE:MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion. To learn more, please visit: marcusmillichap.com/financing.
About Marcus & Millichap, Inc. (NYSE:MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com
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