Canyon Partners Real Estate has jointly provided a $74.7 million senior construction loan with J.P. Morgan to BCT Development, a joint venture between Bain Capital Real Estate and Cherry Tree Development, for the ground-up development of a Class-A rental townhome community located in Riverside, California.
The Property will feature 180 rental townhomes across three-story walk-up buildings, offering a mix of two-, three-, and four-bedroom units. The Property will also include common area amenities such as a pool, fitness center, and clubhouse.
Since inception, in California, Canyon has invested over $1.2 billion of debt capital across 45 transactions, capitalizing $2.7 billion of total projects across all asset types. The firm has maintained a presence in California for more than three decades and continues to invest in real estate projects across primary and secondary markets in the United States…