Wood Investments Cos. has obtained a more than $54 million construction loan for The Ranch at Model Colony, an approximately 200,000-square-foot retail project in Ontario, Calif. 3650 REIT originated the financing for the new development, which is more than 90 percent preleased.
Tenants at the property are set to include Ross Dress for Less, McDonald’s, Chipotle Mexican Grill, Raising Canes, Planet Fitness and Burlington. The retail center will also feature Hobby Lobby and Five Below stores, a nail salon, a specialty grocer and dental care services, plan documents show. Upon completion, the project is expected to include a parking ratio of 4 spaces per 1,000 square feet.
Situated at the southwest corner of Ontario Ranch Road and Hamner Avenue, The Ranch at Model Colony is on an approximately 17-acre lot. Future customers can access the site easily through the 15 Freeway and Ontario Ranch Road.
The nearby Ontario Ranch community, the largest master-planned community in Southern California, spans more than 8,000 acres with residential space, commercial space, retail, entertainment and dining options. The 3.1 million-square-foot Goodman Commerce Center is also in close proximity to the site, including more than 2 million square feet of Amazon distribution space.
CommercialEdge data shows that the development is exposed to a traffic count of some 149,000 cars per day. Downtown Ontario is 11 miles from The Ranch at Model Colony, while downtown Los Angeles is within approximately 45 miles.
Maverick Commercial Mortgage Inc.’s President Ben Kadish arranged the loan, which carries a term of 24 months. It was originated through 3650’s Bridge and Event-Driven lending platform.
CBRE is leasing The Ranch at Model Colony.
3650’s lending activity
3650 REIT has also provided a $91 million loan to sponsor Chestnut Properties for Fillespie Field iPark, a 380,000-square-foot industrial facility in El Cajon, Calf. The loan similarly carries a term of 24 months and was originated through the same lending platform.
Late last year, 3650 REIT originated a $71.5 million loan for the acquisition of a 10-building retail power center in California. The 10-year loan was originated from the REIT’s Stable Cash Flow lending platform and was arranged by Palmer Capital Inc.