RIVERSIDE, CALIF. — Canyon Partners and J.P. Morgan have provided a $74.7 million construction loan for a ground-up, rental townhome development project in Riverside’s Mission Grove neighborhood. The developer is BCT Development, a joint venture between Bain Capital Real Estate and Cherry Tree Development. An official proper name of the community has not been released. It will include 180 rental townhomes in a mix of two-, three- and four-bedroom floor plans and amenities such as a pool, fitness center and clubhouse. A construction timeline was not disclosed. The financing represents Canyon’s second senior construction loan to BCT this year, following the closing of a $91.3 million loan in March for the development of a 232-unit rental townhome community, also located in Riverside.
Canyon Partners and J.P. Morgan have supplied a joint venture with a $74.7 million senior construction loan for the development of a 180-unit rental townhome community in Riverside, Calif.
Canyon Partners Provides $74.4M Construction Loan for Inland Empire BTR Project
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