California Construction News staff writer
A plan to build a large multifamily and townhome community north of Los Angeles’ San Fernando Valley has secured construction financing to break ground.
Real estate investment company Kennedy Wilson has approved a $95-million construction loan to Greystar Real Estate Partners and The Resmark Companies to build 259 multifamily units and 64 three-story build-to-rent townhome units in Santa Clarita, about 35 miles northwest of downtown Los Angeles.
The development will include a 45,000-square-foot shopping center anchored by a Sprouts Farmers Market grocery store. The residential portion will have a resort-style pool and spa, parks and walking trails.
Four-story apartment buildings will include a fitness center, club room, game lounge, coworking area, plus a courtyard and a sky deck.
“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,” Thomas Whitesell, head of the debt investment group at Kennedy Wilson, said in a statement.
