A joint venture between Greystar Real Estate Partners and The Resmark Companies is one step closer to breaking ground on a 259-unit Sand Canyon residential development in Santa Clarita, California after obtaining a senior construction loan of $95 million from Kennedy Wilson.
Located on the northeast corner of Sand Canyon Road and Soledad Canyon Road, 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 billion in originations and more than doubled in size in the past year.
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
