Landmark Capital is pleased to announce the successful closing of a $10,450,000 bridge loan in Pomona, CA. Loan proceeds will be utilized to return acquisition equity and fund execution of the business plan. The +/- 9.8-acre subject site consists of a 100,000 square foot office building with an adjacent 5.3-acre parking lot. The business plan is to entitle the excess land for multifamily product and reposition the mostly vacant office building.
Landmark identified a lender who was extremely knowledgeable about both the location and the entitlement process and funded an attractively priced 36-month non-recourse loan that provides additional funding for capital expenditures.