Mission 71 West Business Park Earns Second Place in the Industrial Category at Los Angeles Business Journal's 2016 Commercial Real Estate Awards
Online, March 22, 2016 (Newswire.com) - LONG BEACH, Calif.--Farmers & Merchants Bank (F&M), a specialist in commercial banking and small business lending announced today, that it, provided the $21.5 million construction loan for Seventh Street Development's Mission 71 West Business Park project in Pomona, California. The project recently won second place in the Industrial Category at Los Angeles Business Journal's annual Commercial Real Estate Awards.
"We are pleased to hear a project F&M helped finance has made such a positive impact on the local community"
Awarded for fiscally transforming the region and restoring pride to the local community, the Mission 71 West Business Park features four industrial buildings totaling 494,935 square feet and is now home to more than 615 permanent employees. The Federal Government originally used the land as a Weapons Manufacturing Facility until 1997. By 2007, the building on site was vacant and had fallen into disrepair. Seventh Street acquired the site in June of 2013 and commenced construction the following summer after finalizing their loan negotiations with F&M. The architecture includes energy efficient and sustainable design features.
"We are pleased to hear a project F&M helped finance has made such a positive impact on the local community," said W. Henry Walker, President of F&M. "The Mission 71 West Business Park will help ensure long-term growth and profitability for the property and has already proven to be a valuable asset for the owners and the community alike."
For the past 21 years, the Los Angeles Business Journal has honored developers, architects and general contractors for the most notable commercial real estate projects. Craig Furniss, President of Seventh Street Development, the project developer, accepted the award on behalf of the project team which included HBI Construction and architect MacDavid Aubort & Associates.
About Farmers & Merchants Bank
Founded in Long Beach, CA in 1907 by C.J. Walker, Farmers & Merchants Bank has over $6B in assets and 24 branches across Orange County, Long Beach and the South Bay. The Bank specializes in commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products including checking, savings and youth accounts. Farmers & Merchants Bank is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information, visit www.fmb.com
About Seventh Street Development
Headquartered in Long Beach, California, Seventh Street Development is a privately held firm specializing in Southern California industrial, office and mixed-use commercial projects. Since its inception in 2003, Seventh Street has developed numerous successful projects in various cities including Irwindale, Pomona, Riverside, and San Bernardino. Seventh Street offers a unique mix of institutional financial strength and discipline coupled with implementation by hands-on, local entrepreneurs. Seventh Street is actively acquiring development opportunities in Southern California. For more information, visit www.7thStreetDevelopment.com.
Source URL: http://businesswire.com/news/home/20160322005485/en
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