LOS ANGELES, CA - Canyon Capital Realty Advisors LLC has provided a $42.0 million senior construction loan to an affiliate of Griffin Real Estate Management to complete the construction of a partially constructed 264-unit Class A multifamily community set on 13 acres in the City of Riverside, California.
The project site, located at the corner of Riverwalk Parkway and Sierra Vista Avenue, is currently under construction by Griffin Real Estate Management, a fifth-generation California-based homebuilder that has developed more than 40,000 homes. When complete, the property will feature 264 one-, two- and three-bedroom apartments within a gated community that features extensive common area amenities, including a clubhouse, fitness center, media lounge, resort-style pool and barbeques. The project is part of the Riverwalk Commons master-planned community.
The first units will be ready for tenants to move in as soon as Spring 2014, with the completion of the entire project expected by October 2014.
“Canyon Realty is pleased to provide the financing necessary for the completion of this project, which promises to provide much-needed quality housing to this highly desirable area of the Inland Empire,” said Canyon Realty President Jonathan Roth. “This investment highlights our continued interest in dense infill communities in Southern California, and is also consistent with our investment focus of providing capital to experienced real estate operators with a strong record of success.”
The project will benefit from several local market attributes, including a strong residential market driven by limited housing supply and the community’s proximity to major employers, including the Riverside Kaiser Permanente Medical Facility, the Riverside Regional Technology Park and the University of California, Riverside. The project is in immediate proximity to the La Sierra University Campus and Alvord School District campuses, and is accessible to several freeways as well as the Metrolink train service.
“Canyon Realty has a tremendous track record working with companies like ours to develop best-in-class projects across the United States,” said Paul Griffin III of Griffin Real Estate Management. “With Canyon Realty’s financing in place, we are positioned to carry out the long-term vision for Riverwalk Commons and create highly desirable new housing options for the local community.”
The mix of apartments at the project will include one bedroom/one bath units averaging 751 square feet, two bedroom/two bath units averaging 1,044 square feet and a limited number of three bedroom/three bath units averaging 1,153 square feet. In-home amenities will include high ceilings, crown moldings, central air conditioning, oversized private patios, granite countertops, stainless steel energy efficient appliances and walk-in closets for most units.