A pair of Orange County developers is set to start a mixed-use project on the edge of the Inland Empire.
A joint venture between Village Partners and the Bascom Group has gotten a $77 million construction loan to build a mixed-use redevelopment project with 350 residential units, the firms announced on Monday.
Providence, RI-based Citizens Bank provided the loan, with JLL brokering the financing.
The two developers bought the six-acre site at the same time, paying $10 million. The seller was not disclosed, but records show the land was previously owned by Miriam Kendall.
Montclair is in San Bernardino County, where the 10 Freeway passes into the Inland Empire. It counts the L.A. County cities of Pomona and Claremont as neighbors to the west and Ontario to the west.
The new development, to be dubbed Village at Montclair, is billed as a walkable village with ground floor retail and public spaces, and a direct pathway to a station of the MetroLink regional public rail line, which connects the area to Los Angeles, Orange County and other parts of the Inland Empire. The residential portion of the complex will also include a pool and spa, co-working facilities and a fitness center.
Construction is set to start this month.
Including the new plan, the City of Montclair, with a current population of about 40,000, has approved the construction of more than 2,500 residential units across 200 acres, with construction expected over the next 10 years.
This is the first development that Bascom, an Irvine-based investment firm, has worked with Newport Beach-based Village Partners to build. In 2016, the firms said they would partner to invest $200 million on mixed-use multifamily developments through 2020.
Village Partners has eyes on another project near the Montclair development, and are currently at took to redevelop 12 acres of land into a mixed-use project with residential, retail, office and public green space, according to its website.
Bascom has been busy across the country, buying a 405-unit complex in Lauderhill, Florida, for $79.3 million in August through a partnership with through a partnership with Duff Bedrosian of Miami-based East Hill Capital and Leste Group.
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