Eagle Group Finance provided a $10 million loan to the Gateway Transit Development project, a 55-acre mixed-use real estate development that will surround the El Monte Metro Station, the largest transit station west of Chicago. The funds will be used to acquire an additional 3.7 acre parcel of land, which the MTA will use for public parking to service and access the transit station. The borrower will also use the funds to remodel an existing MTA billboard sign. Through the Gateway Transit Development project, Grapevine Development will create 487 multi-family rental units, 25,000 square feet of retail space, a 200-room hotel and 16 acres of green space. The station currently services 22,000 passengers a day.
The borrower, Grapevine Development, LLC, is a development group with a proven track record in developing large and complex projects with local governments.