LOCATION : Temecula, California

PROJECT INTRODUCTION

Located in downtown Temecula, across from the City Hall, the initial project, the Truax Building (“Truax I”)< is a 67,475 sq. ft. 4-story commercial building. The building is the only Class A building in the city, providing office/retail spaces for high-end businesses. The City provided a 500-space parking structure right across from Truax I, to which the tenants and customers of the Truax Building will have free access.

PROJECT TEAM

DEVELOPER : Truax Development

www.truaxdevelopment.com

  • 40 years construction management and development experience 500,000 ft² = 46,451.52 m²
  • Developed over 500,000 sf. commercial property in Southern California

President Bernie Truax:

  • General Manager Inland Steel
  • World Trade Center
  • Sears Tower
  • Nuclear Power Plants

CONTRACTOR : Reno Contracting

www.renocon.com

  • Southern California’s Premier General Contractor since 1993
  • $200 million in bonding; capability through Travelers Insurance
  • General Contractor of the Year – 2003, 2005 & 2007
  • Top 100 “Green” contractors in the U.S.

PROJECT SCHEDULE

FUNDRAISING

October 2011 – December, 2014: Inland raises approx. $19 mil through immigrant investors; more than 30 investors have already committed; funds are placed in escrow

CONSTRUCTION

November, 2011 – December, 2014; Inland/Investor LP initiates loan; $19 mil is loaned to Borrower in monthly installments; Truax Building is constructed and final tenants are signed up

Reno Truax

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Reno Truax

INTEREST PAYMENTS

November, 2011 – October, 2017: Borrower makes interest only payments on $19 mil construction loan to Inland/Investor LP

REPAYMENT

November, 2017: Borrower re-finances and uses proceeds to repay $19 mil principal to Inland/Investor LP

PROJECT STATUS

  • Construction is approximately 95% complete
  • Project has already received 19 I-526 approvals and 4 Conditional Green Cards