FENTON INVESTMENT COMPANY ENTERS INLAND EMPIRE HOMEBUILDING MARKET WITH $21 MILLION IN FINANCING FOR TWO NEW COMMUNITIES
INLAND EMPIRE, Calif. – H.G. Fenton Investment Company (FICO), the equity joint venture and debt financing arm of the H.G. Fenton Group of Companies, marks its entrance into the fast-growing Inland Empire homebuilding market through its provision of $21 million in subordinated debt and equity joint venture financing for two new communities.
In the city of Chino, Calif., FICO has provided $16,989,000 in subordinated debt and joint venture equity to Brehm Communities for the development of 177 single family detached homes located adjacent to the Preserve Master Plan. Called “Latitude,” the community will have an average sales price of $543,000 for homes averaging 2,000 square feet. When complete, Latitude will be valued at approximately $96,100,000.
In Murietta, Calif., FICO has provided $3,925,000 in subordinated debt to Alexander Communities for the development of Magnolia, a 124-unit townhome community with homes averaging 1,535 square feet at an average price of $339,000. The project, which is expected to be complete in 2008, will have a finished value of approximately $42 million.
“These projects represent our expansion into the Inland Empire market and are the first of many transactions we look forward to with these respected developers,” said Marc Iacono, director of FICO. “Both Brehm Communities and Alexander Communities have outstanding track records for building thoughtfully planned residential developments that are in keeping with H.G. Fenton Company’s mission of providing quality places for people to live and work. This philosophy has driven H.G. Fenton Company’s success over the past 100 years and is the foundation of our business plan for the next 100 years.”
Founded in San Diego in 1906, H.G. Fenton Company enters its second century of service providing quality places to live and work. The organization today manages investments of roughly $60 million in various residential and commercial developments in Southern California. H.G. Fenton also manages an active development pipeline of land and commercial projects, over 3 million square feet of office and industrial space and 11 apartment communities totaling 2,800 units to meet its customers’ current and future needs.
H.G. Fenton Company is headquartered in San Diego at 7577 Mission Valley Road, San Diego, Calif., 92108. The company website is www.hgfenton.com. For investment opportunities please contact Marc Iacono at (619) 400-0173.