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North Grove Townhomes

Ontario, CA





June 18, 2024



Spec Project in Ontario to Deliver 28 For-Sale Townhomes in Popular Southern California Suburb; Debt Fund Programs Still Achieving Higher Proceeds to Banks at Competitive Rates

Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.7 million construction loan for the development of a multifamily condominium project at 1411 North Grove Ave in the city of Ontario, Calif. The project will encompass 38,144 square feet in 28 for-sale townhomes across four buildings. Construction is set to begin this summer with completion expected by early 2026.

Gantry’s Tom Grzebinski, Senior Director, Stefan Malmlund, Director, and Zach Wagner, Associate, with the firm’s Irvine, Calif., and Upstate New York production offices represented the borrower, a private real estate investor. The two-year construction loan was secured through a debt fund from Gantry’s extensive roster of qualified lenders and features interest only terms and two six-month extension options.

According to Gantry’s Tom Grzebinski, “Gantry serves our clients wherever they do business in the U.S. This was a true collaboration for us on a request that originated in our Upstate New York production office and enlisted one of our top Southern California producers for the added local presence. Collectively, we reviewed this requirement with roughly 60 lenders, mainly banks and debt funds. The loan selected maximized proceeds and offered flexibility with certainty of execution from one of Gantry’s preferred debt fund construction lenders.”

Gantry’s Stefan Malmlund added, “There remains a dearth of for-sale housing available in Southern California for entry-level and middle-class buyers, making this a timely offering. While the project’s spec nature disqualified some lenders, our team focused on highlighting the city’s strong housing and economic fundamentals and the developer’s well-articulated business plan, ready entitlements, and capital commitments. Ultimately, a thorough survey of relevant lenders helped us identify a superior loan from one of our preferred construction lenders able to maximize proceeds at optimal terms.”

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