Greystar Real Estate Partners and the Resmark Companies have scored a $95 million loan to build more than 250 apartments and more than 60 townhomes in Santa Clarita.
The South Carolina-based developer and Westwood-based investor landed the loan to build Sand Canyon Plaza, an 87-acre mixed-use development at Sand Canyon and Soledad Canyon roads, off Highway 14, the Commercial Observer reported.
The senior construction loan was made by Kennedy Wilson, based in Beverly Hills. Terms of the loan were not disclosed.
The master planned development 35 miles northwest of Los Angeles will include 259 apartments and 64 three-story, build-to-rent townhomes. A construction timeline was not disclosed.
The development will include a 45,000-square-foot shopping center anchored by a Sprouts Farmers Market grocery store. The residential portion will have a resort-style pool and spa, parks and walking trails.
The four-story apartment buildings will include a fitness center, club room, game lounge, coworking area, plus a courtyard and a sky deck.
“This is a compelling deal for our group based on the strength of the Santa Clarita rental market, the high barriers to entry and the joint venture’s well-deserved reputation for delivering high-quality projects,” Thomas Whitesell, head of the debt investment group at Kennedy Wilson, said in a statement.
Kennedy Wilson, founded in 1977 as a real estate auction firm, said its debt platform has hit $7 billion in loans and has more than doubled in size in the past year. The firm acquired PacWest Bancorp’s $2.6 billion construction loan portfolio last spring, according to the Observer.
This month, Kennedy Wilson also provided a $166 million construction loan for a 600-unit apartment project in Downtown Long Beach.
Greystar, based in Charleston with 12 offices around the globe, claims to be the largest operator of apartments in the nation, with $76 billion of assets under management, including more than $34 billion of developed properties, according to the Observer. It has almost 727,000 units, according to the National Multifamily Housing Council.
The Resmark Companies, founded in 1995, provides capital to best-in-class housing developers, and has invested in more than 95,000 single-family homes, apartments and lots across the U.S., according to its website.
— Dana Bartholomew
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