Canyon Partners, together with CJM Development Group and Hensel Phelps Construction Co. have formed a joint venture for the ground-up construction of a class A, market-rate multifamily community located in Draper, Utah, a highly desirable, rapidly growing suburb of Salt Lake City.
Canyon provided $23.7 million of preferred equity for this project, which also secured a senior syndicated construction loan led by CIBC Bank USA. Underwriting and financing was arranged by LGA Capital. The multifamily community will begin construction immediately and is projected to be open for first move-ins by year-end 2023.
Located at 12300 Pony Express Road, the development will include three six-story buildings with 423 apartment units, more than 11,700 square feet of ground-floor retail, 703 parking spaces and a variety of desirable community amenities, such as a fitness center, business center, pool, pickle ball court and dog park, in addition to rooftop terraces with unobstructed vie
