RIVERSIDE, CA-Canyon Capital Realty Advisors LLC (Canyon Realty) has provided a $42 million senior construction loan to an affiliate of Griffin Real Estate Management to complete work on a partially constructed 264-unit class A multifamily community set on 13 acres here.
The project site, located at the corner of Riverwalk Parkway and Sierra Vista Avenue, is currently under construction by Griffin Real Estate Management, a fifth-generation California-based homebuilder that has developed more than 40,000 homes. When complete, the property will feature 264 one-, two- and three-bedroom apartments within a gated community that features extensive common area amenities, including a clubhouse, fitness center, media lounge, resort-style pool and barbeques. The project is part of the Riverwalk Commons master-planned community.
The first units will be ready for tenants to move in as soon as Spring 2014, with the completion of the entire project expected by October 2014.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
