Village Partners Ventures and The Bascom Group have acquired six acre land and secured a construction loan to develop mixed-use project called ‘Village at Montclair’ in Montclair, California, US.
The construction loan of $77m was secured by JLL’s capital markets team from Citizens of Providence, Rhode Island. The six-acre land for mixed-use project was purchased for $10m.
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Bascom principal Jerry Fink said: “While this is our first vertical development with Village Partners, it’s our second investment with their team.”
Village at Montclair is a Type V mid-rise project featuring 350-units and will be designed by the New Urbanist design firm Torti Gallas.
It is located within the city’s North Montclair Downtown Specific Plan that covers 200 acres of land around the project.
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The project has been designed as a walkable transit village featuring housing as well as retail spaces on the ground floor and public spaces including a Village Square and the Station Promenade.
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By GlobalDataIt will feature elements of Spanish and Italian architecture, public space, walkable streetscapes, landscaped courtyards, and a rooftop deck.
Amenities at the project also include a pool, spa, co-working suites, clubhouse, parcel lockers, and a fitness facility.
Additionally, the project will have a pedestrian connectivity to the Montclair Transit Station and future Metro Goldline.
Village Partners principal Don Henry said: “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.”
Construction work at the Village at Montclair project will begin this month, and will be carried out by Johnstone Moyer company, which will serve as the general contractor for this project.
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The project will also have a pedestrian connectivity to the Montclair Transit Station. Credit: Village Partners / PRNewswire.
