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Canyon Partners backs $74.7M loan for Riverside rental townhomes

The Class-A project will deliver 180 rental townhomes in Riverside, California, with two-, three-, and four-bedroom units.

Reported · Written up by our desk · Residential

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 a ground-up Class-A rental townhome community in Riverside, California.

The development is planned to include 180 rental townhomes across three-story walk-up buildings, offering a mix of two-, three-, and four-bedroom units.

The project will also feature common area amenities including a pool, fitness center, and clubhouse.

ConnectCRE said Canyon Partners has invested more than $1.2 billion of debt capital across 45 transactions in California since inception, supporting $2.7 billion of total projects across all asset types.

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