Los Angeles (October 11, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $10.3 million preferred equity investment to an affiliate of The Widewaters Group, Inc. (“Widewaters”) to finance the ground-up development of ParkStone at Knightdale, a Class-A, 350-unit garden-style multifamily community located in Knightdale, a rapidly growing submarket of Raleigh, North Carolina.
Canyon’s experience as a capital provider across asset classes includes a long history in multifamily investing, having committed over $1 billion in projects nationwide. In the past five years alone, Canyon has deployed over $750 million in 40 multifamily investments across the U.S. through senior loans, mezzanine loans, preferred equity and equity, facilitating over $2 billion of investments.
“ParkStone at Knightdale represents the first transaction we have closed with Canyon,” said Brian Long, Principal and Director of Development for Widewaters. “They have proven to be an experienced, capable capital provider and a partner with whom we look forward to working on additional opportunities in the future.”
The project will be located on a highly visible site along Knightdale Boulevard, 0.5 miles from I-540, providing easy access to major employment nodes throughout the metro. The project is adjacent to the Widewaters Commons shopping center, anchored by Lowe’s Foods and Planet Fitness, with a mix of additional shops and restaurants, all providing walkable amenities to the ParkStone at Knightdale residents. The project site is part of a 57-acre land parcel which is currently owned by Widewaters and entitled for a large mixed-use master planned development. When complete, the development will be comprised of the project and 270,000 square feet of retail, entertainment, and dining options.
ParkStone at Knightdale Apartments will consist of 13 three-and four-story buildings with 365,000 rentable square feet. The 20.7-acre garden style community will offer 100 one-bedroom apartments, 198 two-bedroom apartments and 52 three-bedroom apartments. Units will feature 9’ – 10’ ceilings, granite counter tops and stainless steel appliances. Project amenities include a fitness room with fitness-on-demand, a resort-style salt-water pool, an outdoor lounge with grilling areas and a double-sided fireplace, a children’s playground, a pet wash station and playground, picnic areas and courtyards, common area Wi-Fi, a 24-hour package locker system, 60 enclosed garages, 60 self-storage units and 593 open-air parking spaces.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.5 billion of capital in over 260 commercial real estate and mortgage transactions with a total capitalization of $17.1 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $23 billion of assets. For more information visit: www.canyonpartners.com.
About The Widewaters Group, Inc.
Widewaters is a vertically integrated real estate organization with over 30 years of development, construction, management and investment experience. Leveraging its entrepreneurial instincts, capital and expertise, Widewaters continues to develop and acquire quality real estate across North America.
The Widewaters Group has developed or acquired over ten million square feet of retail, office, residential and hospitality. Widewaters manages all of its retail and hotel properties through its management companies, The Widewaters Group, Inc. and Widewaters Hotels, LLC. Construction management is performed through its affiliate Widewaters Construction, Inc.
Based in Syracuse, New York, with additional operations in Charlotte, North Carolina, and Park City, Utah, Widewaters’ in-house capabilities include development, acquisitions, site selection, entitlements, feasibility, legal, leasing, financing, accounting, construction, property management, hotel management and asset management. For more information visit: www.widewaters.com.
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