$8.5M Construction Loan on a Light Industrial Site Near LAX

Cathay Bank's two recordings at 5807 West 98th Street trace a project moving from holding pattern to construction. The bank recorded a $6,552,000 conventional deed of trust in January 2023, weeks after the property sold, and followed it with an $8,500,000 construction deed of trust executed May 18, 2026 and recorded June 10. As of July 2026 no permit filing or press describes what will be built; the recorded instruments are ahead of the public story.

The site is 1.2 acres of light industrial land at the edge of the LAX submarket, carrying a 19,670 square foot building that county records date to 1946. Business directories place Flying Food Group, an airline catering and food service operation, at the address, a use that fits the location minutes from the airport. The owner, Kcng Holdings Llc, is a California company formed in June 2022 and classified as a property holding entity, per state records; it purchased the property in December 2022 for a recorded $9,400,000 from a family trust.

The earlier chain is quiet, which itself says something about the site's history as a held asset: a Coast Savings instrument in 1987, Western Bank in 1998, Citizens Business Bank loans in 2000 and 2009 and a 2019 modification, and little else across four decades until the 2022 sale.

Cathay Bank's published construction program is a direct fit: new construction, construction with mini permanent structures, and build to suit financing, with construction loans of 12 to 36 months and mini perms of five to ten years, on property types that include light industrial warehouses. Those are program terms from the bank's page, not this loan's. All three of Cathay's tracked closings are in Los Angeles County, including an $85,000,000 Beverly Hills construction loan and an $8,600,000 Gardena industrial deal.

Within the tracked Los Angeles record this loan ranks 45th of 58, in a cluster of industrial closings: $8,425,000 from Citizens Business Bank in Sun Valley, $9,010,000 from Keystone Real Estate Lending Fund in Van Nuys, and $9,132,500 from Logix Federal Credit Union, also in Sun Valley.

For industrial owners near the airport, the sequence is the lesson: a holding company bought, carried the asset on a conventional bank loan, and converted to construction financing with the same lender when the project was ready. The two step structure, and the lender who stayed through both, are visible in the record for anyone planning the same move.