LOCATION : Temecula, California
PROJECT INTRODUCTION
PROJECT TEAM
DEVELOPER : Truax Development
- 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
- 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
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