Canyon Partners Real Estate announced that it 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 the ground-up development of a class A rental townhome community located in Riverside, Calif.
The property will feature 180 rental townhomes across three-story walk-up buildings, offering a mix of two-, three- and four-bedroom units. The property is designed to offer a differentiated product from traditional multifamily with larger unit sizes, private entrances and direct-access garages. The property will also include common-area amenities such as a pool, fitness center and clubhouse.
Located in Riverside’s Mission Grove neighborhood, the property has convenient access to neighborhood retail, a variety of school options and key transportation corridors. The property also benefits from the continued population growth and a strong employment base
