BEVERLY HILLS, Calif. – Global real estate investment company Kennedy Wilson has provided a senior construction loan of approximately $95 million to a joint venture between Greystar Real Estate Partners and The Resmark Companies. The proceeds of the loan will enable the joint venture to break ground on a rental development with 259 multifamily units and 64 separate three-story build-to-rent townhome units within the mixed-use, master-planned Sand Canyon Plaza community in Santa Clarita, California.
Located on the northeast corner of Sand Canyon Road and Soledad Canyon Road, the 87-acre Sand Canyon Plaza community is conveniently located off the CA-14 Freeway. Upon completion, it will include parks and open space, a walking trail system, as well as a new 45,000 square foot retail center anchored by Sprouts Farmers Market grocery store, which is also expected to break ground in 2024.
The multifamily units will have access to a state-of-the-art fitness center, a club room and courtyard, game lounge, coworking space, and a fourth-floor sky deck with unobstructed mountain views, while the build-to-rent townhome units will enjoy expansive green space areas, multiple open turf play areas, and a tot lot that will cater to young families renting in the community. A resort-style pool and spa will also be shared by residents of the multifamily and build-to-rent townhome units.
“This is a compelling deal for our group based on the strength of the Santa Clarita rental market, the high barriers to entry, and the joint venture’s well-deserved reputation for delivering high-quality projects,” said Thomas Whitesell, Head of the Debt Investment Group at Kennedy Wilson. “Sand Canyon Plaza is poised to capture the growing demand for well amenitized, high-quality rental homes, and we look forward to expanding our long-standing relationships with both Greystar and The Resmark Companies.”
The senior construction loan is the latest to close within Kennedy Wilson’s growing debt platform, which focuses on originating and servicing multifamily construction loans. The debt platform has reached $7 billion in originations and more than doubled in size in the past year.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. The company owns, operates, and invests in real estate through the balance sheet and through an investment management platform in the United States, United Kingdom, and Ireland. Kennedy Wilson primarily focuses on multifamily and office properties as well as industrial and debt investments in the investment management business.
About The Resmark Companies
Founded in 1995, Resmark is a leading residential real estate investment manager that provides capital to premier homebuilders, land developers, and multifamily developers across the United States. As a fiduciary to its investors, Resmark is a best practices aggregator that provides preferred access to America’s best residential developers. The firm has participated in more than 300 investments encompassing over 95,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark operates nationally and maintains offices in select target markets.
About Greystar Real Estate Partners
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
