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3/29/24
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A joint venture between Greystar Real Estate Partners and The Resmark Companies is one step closer to breaking ground on a 259-unit res development in Santa Clarita after obtaining a senior construction loan of $95 mil from Kennedy Wilson. The project will consist of 64 separate three-story build-to-rent townhome units within the mixed-use, master-planned Sand Canyon Plaza community.
Located on the northeast corner of Sand Canyon Rd and Soledad Canyon Rd, the 87-acre Sand Canyon Plaza community is conveniently located off the CA-14 Fwy. Upon completion, it will include parks and open space, a walking trail system, as well as a new 45k sf retail center anchored by Sprouts Farmers Market grocery store, which is also expected to break ground in 2024.
The multifamily units will have access to a state-of-the-art fitness center, a club room and courtyard, game lounge, co-working space, and a fourth-floor sky deck with unobstructed mountain views, while the build-to-rent townhome units will enjoy expansive green space areas, multiple open turf play areas, and a tot lot that will cater to young families renting in the community. A resort-style pool and spa will also be shared by residents of the multifamily and build-to-rent townhome units.
The senior construction loan is the latest to close within Kennedy Wilson’s growing debt platform, which focuses on originating and servicing multifamily construction loans. The debt platform has reached $7 bil in originations and more than doubled in size in the past year.
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