Wood Investments Companies. has recently secured a substantial construction loan exceeding $54 million for a new retail venture in Ontario, The Ranch at Model Colony, according to a report from Commercial Observer.
Financing for the property was originated by REIT 3650. The deal was arranged by Maverick Commercial Mortgage Inc.’s President Ben Kadish, and leasing for the project is being led by CBRE.
The development encompasses approximately 200,000 square feet and is already more than 90 percent preleased. The tenant roster includes Ross Dress for Less, McDonald’s, Chipotle Mexican Grill, Raising Canes, Planet Fitness, Burlington, Hobby Lobby and Five Below, among others.
Strategically positioned at the southwest corner of Ontario Ranch Road and Hamner Avenue, The Ranch at Model Colony covers approximately 17 acres and is accessible to the 15 Freeway and Ontario Ranch Road. The development is also near the Ontario Ranch community, Southern California’s largest master-planned community, sprawling across more than 8,000 acres and hosting a blend of residential, commercial, retail, entertainment and dining options.
In addition to the recent financing deal, 3650 REIT was also involved in another financing deal in San Diego. Through the deal, Chestnut Properties secured a $91 million construction loan for Gillespie Field iPark, a 380,000 square foot industrial facility located in El Cajon, according to an announcement from Gantry, which arranged the deal.
