A proposed mixed-use development showcasing a blend of residential and commercial spaces in Rancho Cucamonga.
Marcus & Millichap Capital Corporation has arranged $64 million in financing for a mixed-use development at 8500 Haven Ave, Rancho Cucamonga. The project includes 248 residential units and ground-floor commercial spaces, aiming to enhance the community’s living and shopping options. With a focus on de-risked construction timelines and a strong investment strategy, this financing supports the mid-construction phase of a promising project, amidst the backdrop of growing demand in the area’s real estate market.
Marcus & Millichap Capital Corporation (MMCC) has successfully arranged $64 million in financing for a significant mixed-use development project located at 8500 Haven Ave in Rancho Cucamonga. This financing aims to support mid-construction processes for a project expected to provide both residential and commercial opportunities in the area.
The development will encompass six residential buildings, including a mixed-use building that features 248 apartment units along with ground-floor commercial spaces, and an additional retail building. This strategic planning reflects a strong commitment to enhancing the community with diverse living and shopping options that cater to local residents’ needs.
Ron Balys, a senior managing director at MMCC’s Orange County office, played a critical role in securing this financing with Parkview Financial on behalf of a private developer. The successful transaction was attributed to careful underwriting processes and a well-organized borrowing team. The financing received was designed specifically to mitigate risks associated with construction delays and ensure timely progress.
According to Paul Rahimian, CEO of Parkview Financial, the investment aligns with the fundamentals of a robust market, characterized by conservative underwriting practices, which contribute to a de-risked construction timeline. The confidence in the project’s potential comes from the local market’s favorable conditions, which are vital for sustainable growth.
EVPs Bill Asher and Jeff Lefko represented Chase Partners Ltd., while Shirley Kim from Epique Realty assisted the buyer in the acquisition. The site where the Starbucks location is situated underwent significant improvements, including a complete rehabilitation and expansion by the developer. Michael Carter served as the project manager, ensuring that the development adhered to rigorous standards and delivered high-quality results.
The area has shown a growing demand for retail and culinary experiences, as evidenced by the strong buyer interest in the properties. Asher noted the competitiveness of multiple offers from various buyers across Southern California. Their established broker relationships facilitated a seamless transaction process for the all-cash buyer, highlighting the strategic partnerships that can smoothen negotiations and closings in real estate.
The $64 million financing arrangement for the mixed-use development in Rancho Cucamonga marks a significant step towards bolstering the local economy and enhancing the living experience for residents. With a combination of residential and commercial development, the project promises to bring vibrancy and utility to the area, showcasing the strategic growth of Rancho Cucamonga as a favorable destination for investment and community living.
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