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Tuesday, Oct 3, 2023

$60 Million Loan Deal Signed

Construction has started on Patriot Commerce Center, an office and industrial park in Moorpark. A $60 million loan package brokered by Holliday, Fenoglio Fowler, LP that included financing from Hillwood Investment Properties, and a construction loan from Pacific National Bank funded the project “We are very excited about having Hillwood as an equity partner in this project,” said Mark Ossola, whose M.W. Ossola & Associates is developing the center. “It’s a big deal for us to have Ross Perot’s company involved.” The first phase will consist of a 22,000-square-foot Class A office building and approximately 143,000 square feet of industrial space ranging from just under 1,000 square feet to as large as 42,000 square feet, said Mike Tingus, president of Lee & Associates LA North/Ventura Inc. Tingus is also a partner in the project with developer, M.W. Ossola & Associates. “This is a property I’ve sold three times,” said Tingus, “and this last time I decided to buy it.” Ossola and his former partner, Nearon Enterprises, have divvied up the parcel with Ossola retaining ownership of 20 acres and Nearon taking possession of about 12 acres on which Home Depot has executed a long-term ground lease. About 90,000 square feet of the 20-acre Commerce Center is in escrow, said Tingus. The general contractor for the project is RCI Buildings, Inc.

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