JV Scores $73M Loan for Sacramento Student Housing Project
The 223-unit mid-rise property is located within walking distance of the local California State University campus.
Image via Pixabay
AECOM-Canyon Partners, in a joint venture with The Martin Group, secured a $73.3 million construction loan to develop Wexler on 65th, a mid-rise student housing project in Sacramento, Calif. Pacific Western Bank provided the financing.
The 223-unit project is slated to comprise a mix of studio, two-, three-, four-, and five-bedroom units. The property will also include approximately 7,400 square feet of commercial space. Completion is scheduled for the fall of 2022.
Located near a SacRT (Sacramento Regional Transit Authority) light rail station, the project is within walking distance of California State University. The joint venture is working on the modernization of surrounding bus stops, as part of Wexler’s off-site improvement plan. The city’s downtown area is 4 miles from the site.
In May, Canyon Partners partnered with American Capital Group to develop Kinect at Lynnwood, a 239-unit community in Lynnwood, Wash. The partnership closed on a $45.5 million loan from U.S. Bank. That project is scheduled for completion in 2022.
