JPMorgan Chase is providing a three-year, floating-rate, interest-only loan of $210M to finance the first phase of construction of the Ontario Ranch Business Park, a 160-acre, 3.2M SF industrial campus in one of the hottest industrial markets, SoCal's Inland Empire.
A joint venture between Real Estate Development Associates (REDA) and a fund managed by Clarion Partners owns the development. JLL represented the borrowers in the transaction.
The first phase of the Ontario Ranch project will encompass 1.7M SF on an 84-acre parcel that the joint venture purchased for $86M in 2020. The site is part of an 8,000-acre mixed use development known as Ontario Ranch.
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