NEWPORT BEACH, Calif., Jan. 3, 2022 /PRNewswire/ — A joint venture between Village Partners Ventures, LLC ("Village Partners") of Newport Beach, California and The Bascom Group, LLC ("Bascom") of Irvine, California has closed on a construction loan and six acre land acquisition for a mixed-use project at 5050 Arrow Highway, Montclair, California. The sale and loan closed on December 28, 2021.
JLL’s capital markets team in Newport Beach, led by Mark Erland and Matt Benson, secured a $77 million construction loan from Citizens of Providence, Rhode Island for construction of the project. The land purchase price was $10 million.
Village Partners principal Don Henry remarked "we are pleased to reach this milestone with Village at Montclair, a transformative project that will be a first in the area, a transit-oriented mixed-use development walkable to Montclair Place and transit. " His partner, Michael Morris, quipped "this Village will provide housing for more than 600 residents with convenient streetfront retail."
Designed by New Urbanist design firm Torti Gallas, Village at Montclair, a mixed-use infill redevelopment with 350-units, is a Type V mid-rise project with combination of structured and surface parking, designed as a walkable transit village with housing, ground floor retail, and public spaces including a Village Square and the Station Promenade. The project has a direct pedestrian connection to the Montclair Transit Station and future Metro Goldline. Bascom Principal Jerry Fink shared "while this is our first vertical development with Village Partners, it’s our second investment with their team." Principal David Kim added "the Village Partners team sourced this off market deal and guided it through an extensive entitlement effort."
Village at Montclair is designed to celebrate the inviting Mediterranean climate and San Gabriel Mountain views of Montclair, with elements including a mixture of Spanish and Italian architecture, abundant public space, walkable streetscapes, landscaped courtyards, and a rooftop deck. Warm California Modern interiors by Mannigan Design thoughtfully complement the architecture. Project amenities include pool and spa, co-working suites, clubhouse, parcel lockers, and a state-of-the-art fitness facility.
The project is located within the City’s North Montclair Downtown Specific Plan. The plan covers 200 acres of land surrounding Village at Montclair and sets the standards for the creation of an urban, walkable district surrounding the TransCenter and future Goldline, with up to 2,500 new residential units and commercial space planned over the next decade. This District and the Project site are adjacent to the prestigious Claremont College consortium. Construction of Village at Montclair will commence in January 2022 by general contractor Johnstone Moyer Inc.
About Village Partners: Village Partners is a full-service real estate development company focused on the development of distinctive in-fill mixed-use projects, including multifamily residential, retail and office. Village Partners principals have been involved in the development of approximately 3,000 urban multifamily residential units and 3 million square feet of commercial space with a combined value of over $1 billion in development costs. Its pipeline include other planned mixed-use projects in nearby Claremont and Redlands, California. Further information on Village Partners can be found at www.villagepartners.com.
About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
Contact: Kaitlin Morris, Village Partners
SOURCE Village Partners