Los Angeles (May 23, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided a senior construction loan of $25.3 million to Dynamic Development Company (“DDC”) to finance the ground-up construction of the Refugio Townhome Apartments in Santa Maria, California. The 125-unit gated development will be the premier luxury residential property in Santa Maria, the largest city in Santa Barbara County.
Canyon has a broad range of experience in multifamily investing, having invested over $1 billion in 50 projects nationwide. In the past five years alone, Canyon has deployed nearly $780 million in 40 multifamily investments across the U.S. through senior loans, mezzanine loans, preferred equity and equity, facilitating over $2 billion of investments.
The Refugio Townhome Apartments are located one block west of South Broadway, Santa Maria’s primary retail corridor, and two blocks south of Betteravia Road, one of the city’s main thoroughfares. The project consists of 27 structures – 26 residential buildings and one community building.
“We are pleased that Canyon recognized the investment opportunity this development offers,” said Damon Porter, CEO, Dynamic Development Company. “The project is expected to fill a significant need for residential product in the supply constrained Santa Maria submarket, and we are excited to partner with Canyon to bring the first phase of this development to market later this year.”
The property features four different floor plans, with units ranging in size from 1,200 to 1,800 square feet. All offer three bedrooms and either two or three bathrooms plus powder room, nine foot ceilings, private, in-unit washer and dryer and designer kitchens. In addition, each unit has private, direct-access two car garages, a differentiating factor that no other property in the market offers. Nearly a quarter of the units have a private back yard and all have large outdoor terraces. Common area amenities include a resort- style pool and spa, fitness center, clubroom with tasting kitchen, business center, outdoor barbecue area and children’s playground.
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 $6.3 billion of capital in over 250 commercial real estate and mortgage transactions with a total capitalization of $16.5 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 $21 billion of assets. For more information visit: www.canyonpartners.com.
About Dynamic Development Company
With over 50 years of experience in retail and multi-family development, DDC and its first generation predecessor have developed over 1,500 projects or 7,500,000 square feet of space. The firm’s in-house, multi-disciplined team includes architecture, engineering and construction, working to create commercial, multi-family and mixed use projects to develop and improve real estate in local communities. For more information visit: www.dynamicdevco.com.
(914) 686 5599