Fortress Investment Group announced that funds managed by its affiliates (“Fortress”) have closed a $112 million senior secured loan to support the acquisition and redevelopment of a 33.9-acre covered land site located in Brea, California. The financing consists of a senior secured mortgage loan of $107 million, and additional funding to support interest carry and transaction costs. Fortress served as sole lender on the financing. 

The site has been acquired by an entity controlled by Dwight Manley, a longstanding Brea-based real estate owner and developer. The redevelopment plans to reposition the site into a high-quality mixed-use asset, subject to zoning and entitlement approvals, anchored by a national wholesale retailer with an adjoining residential area featuring more than 250 townhomes to be developed by a national homebuilder. The existing site features five industrial and office buildings. 

"From my first meeting with Fortress, they stood out from all the financing options as the perfect lending partner, and they executed exactly as they promised from start to finish," said Manley.  

“This project is a great example of Fortress’s ability to structure a wide variety of commercial real estate financing in support of high-quality developers and projects that enhance local communities,” said Noah Shore, Global Co-Head of Commercial Real Estate Debt at Fortress Investment Group. “We are pleased to support Mr. Manley's redevelopment and believe that it will deliver long-term value to the Brea community while providing an attractive investment opportunity for our investors.” 

JLL represented the Principal, Dwight Manley, in arranging the financing.