Adam Mortanian and Tyler Shegerian are the co-founders of PACT Capital in Fresno.

A boutique Fresno lender announced Tuesday it has secured $362 million in financing for a 1,600-acre land acquisition in Northern California.

PACT Capital, led by co-founders and managing partners Adam Mortanian and Tyler Shegerian, declined to say the exact location — only that it is 60 miles from San Francisco in San Joaquin County and entitled for 5,500 residential units and more than 263 acres for multifamily, industrial and general commercial real estate uses.

The purchase price and parties were also not disclosed, other than the buyer being a private family office in Northern California with holdings in ag and commercial real estate, according to a news release.

The buyer sought PACT Capital, with offices in Beverly Hills and Fresno, for its expertise in managing and underwriting credit for both agriculture and commercial real estate, according to the release.

The transaction also tracks with a growing trend of rezoning and conversion of once-productive farmland into future single-family tracts, commercial and industrial development, according to PACT Capital, which meets a demand for communities suited to a hybrid work week in the Bay Area.

“Many of our clients have used agriculture and farming as a covered land play for decades,” said PACT Capital’s President and CEO Adam Mortanian. “That strategy is proving to be profitable as the speed at which suburbanization is converting farmland to housing has accelerated in the new-era remote work economy.”

Originally planned in the 1990s and now largely considered a residential and commercial real estate crown jewel, the master planned community’s remaining assets, left uncompleted since the 2007/2008 financial crisis, have become a hot commodity in the post-pandemic environment, according to the release. The community has the added allure of a top local school district, larger home and lot sizes and more affordable home prices. 

“Our clients are seeking a relationship that can provide guidance, constructive feedback and a certainty of execution, which is what we deliver,” said Tyler Shegerian, PACT Capital’s chief operating officer. “This transaction is a testament to our mission and unique position in the market of managing and underwriting real estate credit for both agriculture and commercial real estate.”