Bain Capital JV Lands $75M for Inland Empire Project
Two institutional lenders issued the loan.
BCT Development, a joint venture between Bain Capital Real Estate and Cherry Tree Development, has received a $74.7 million senior construction loan to build a 180-unit townhome community in Riverside, Calif. A partnership between Canyon Partners Real Estate and J.P. Morgan provided the capital.
The unnamed project, being built within the Inland Empire, will include three-story walk-up buildings with garage access and private entrances. Individual homes will range from two to four bedrooms. Common amenities will include a pool, a fitness center and a clubhouse.
BCT Development was formed in February 2024 as a joint venture between Bain Capital Real Estate and Cherry Tree Development. Led by Chris Marsh and Tim Stanley, the company focuses on ground-up, Class A rental townhome communities across Southern California. According to Yardi Matrix, the company has two prospective projects in Chino, Calif., also part of the Inland Empire.
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The $74.7 million provided by Canyon and J.P. Morgan represents Canyon’s second senior construction loan to BCT in 2026. In March, the firm provided $91.3 million for a separate 232-unit community also located in Riverside.
According to City of Riverside records, the project is taking shape on a former Kmart site at 375 E. Alessandro Blvd. Interstate 215, Sycamore Canyon Park and Moreno Valley Mall are nearby. Ontario International Airport is approximately 22 miles from the future development.
Canyon expands Southern California activity
Since its inception, Canyon has invested more than $1.2 billion in debt capital across 45 transactions in California. While the company invests across multiple asset classes, it has remained active in Southern California’s multifamily market. In February, MG Properties formed a joint venture with Canyon to acquire Shift Apartments, a 368-unit community located in San Diego.
In June 2025, the company provided a senior bridge loan financing package totaling $126.3 million for two separate multifamily properties in Los Angeles and one senior housing asset in Chicago. In California, the properties that received funding included SaltAire in Torrance, which received $41 million, and Artisan Oaks in Santa Clarita, which received $38.3 million.
