LOS ANGELES—Eagle Group Finance has provided a $2 million short-term, non-recourse senior note to a family operated investment group. The loan will be used to recapitalize a 13.74-acre land parcel in Chino Hills, Calif., allowing the owner to move forward with development plans.
“While the financing will be used to pay off the existing debt encumbering the property, equally important, it gives the borrower the time necessary to move forward with its development plans,” said Brian Good, president of Eagle Group, in a statement.
The owner, which has years of experience in healthcare development, purchased the property in 2006 but has yet to move forward with the development plans.
“With our loan in place, it will be much easier for the borrower to obtain conventional financing for the project, now that the economy has turned and medical office and light industrial is in such high demand,” Good said.