Canyon Partners, together with CJM Development Group (“CJM”) and Hensel Phelps Construction Co. (“Hensel Phelps“), announce a joint venture for the ground-up construction of a Class A, market-rate multifamily community located in Draper, 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.
Latest Fintech Insights:Â Aditum Alts Files Patent At Nexus Of Private Markets and Blockchain
Located at 12300 Pony Express Road, the development will include three six-story buildings with 423 apartment units, over 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 views of the Wasatch Mountains. The multifamily community will benefit from its central location within the “Silicon Slopes,” the bustling employment hub which has seen a surge in population growth driven by the rapid expansion of high-income jobs in the technology sector. Located only 18 miles from downtown Salt Lake City, it will also be in close proximity to the area’s popular ski resorts.
Browse The Complete News About Fintech :Â Noted International Investment Banking Executive, Dan McNamara, Named President of Weild & Co.
“We are excited to break ground on this community with Canyon and Hensel Phelps, just as we complete construction of Canyon Vista, another multifamily project located immediately south of the site,” said Chris Miller at CJM. “As the metro area in Salt Lake City continues to rapidly expand, we look forward to serving the needs of the Draper community by providing newly-built, high-quality housing to the area.”
The development represents the second project between Hensel Phelps and CJM, and the fifth project between Hensel Phelps and Canyon. This investment brings Canyon’s real estate portfolio to approximately $6.9 billion of project capitalization.
Read More About Fintech News :Â Vestar Capital Partners Promotes Three to Managing Director
 [To share your insights with us, please write to sghosh@martechseries.com]
