Eagle Group's $10 MM Loan Finances Land Buy for Transit Oriented Development in El Monte, CA

LOS ANGELES - June 16, 2015 - PRLog -- Private money lender Eagle Group Finance provided Grapevine Development LLC with a $10 million short-term, non-recourse loan for the acquisition of a 3.7 acre land parcel in El Monte.

         The parcel is the catalytic piece in Grapevine’s El Monte Gateway project, a 60-acre transit-oriented mixed-use project being developed in partnership with the City of El Monte.  Located adjacent to the El Monte MTA transit station at Santa Anita Avenue and Interstate 10, The Gateway Specific Plan calls for 1,850 market-rate and affordable housing units, a 200-room hotel, 1.3 million square-feet of commercial and retail space, open space and a 70,000-square-foot movie theater.  As the Master Developer, Grapevine started construction of the first phase of The Gateway, which includes over $21 million of infrastructure improvements, 485 market-rate and affordable housing units and 25,000 square feet of retail.

The 3.7-acre parcel has been used as a parking lot to serve the transit center ridership and will be leased back to the MTA until Grapevine begins construction on its next phase of The Gateway, which is slated for the hotel, a movie theater and additional retail and restaurants.

         The loan was funded by Eagle on an expedited basis according to Eagle Group Finance President Brian Good.

         “We are confident in Grapevine’s ability to execute the business plan and for the viability of the overall development,” said Good.  “It is just another example of the flexibility of our lending platform and how we are able to adapt to the needs of our borrowers.”

About Eagle Group Finance, L.P.
Eagle Group Finance is a West Coast-based direct lender that provides short term bridge financing to commercial property owners at fixed interest rates on a non-recourse basis. Eagle lends on all property types in California, Nevada, Arizona, Colorado and Texas. Visit our website at www.eaglegroupfinance.com for more information about our loan program.