Updated Dec 4, 2024
Kennedy Wilson Funds $95M Construction Loan For Sand Canyon Plaza Development
$95,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 29, 2024
About this deal
AI
The development site located at 28504 Soledad Canyon Road in Santa Clarita spans 87 acres and was the subject of a recent transaction involving a $95 million loan for the Sand Canyon Plaza development. The property features over 250 apartments, 60 townhomes, and a 45,000-square-foot shopping center anchored by Sprouts Farmers Market. The lender, Thomas Whitesell from Kennedy Wilson, provided a construction loan for this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $95,000,000
- Market: Santa Clarita
- Landlord: Bob Faith - Greystar Real Estate Partners
- Landlord: Robert N. Goodman - Resmark Companies
Greystar Real Estate Partners and the Resmark Companies secured the $95 million loan for the Sand Canyon Plaza development. The project will include a resort-style pool, fitness center, and coworking spaces, enhancing the overall amenity offering for residents and tenants. Notably, the construction timelines for this development have not been disclosed.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93