Fortress Closes $112M Senior Secured Loan in Brea

Fortress Investment Group has closed a $112 million senior secured loan to support the acquisition and redevelopment of a 33.9-acre infill site in Brea, California. The site was acquired by an entity controlled by Dwight Manley, a Brea-based owner and developer.

The financing includes a $107 million senior secured mortgage loan plus additional funding for interest carry and transaction costs. Fortress was the sole lender. The redevelopment plan is to reposition the covered land site into a mixed-use asset, subject to zoning and entitlement approvals, anchored by a national wholesale retailer and adjoining residential development with more than 250 townhomes.