Canyon Partners Invests $25M in Seattle-Area Development
- May 22, 2020
Canyon Partners Real Estate and American Capital Group have partnered for the development of Kinect at Lynnwood, a 239-unit community in Lynnwood, Wash. Canyon invested $25 million into the development. Construction is slated to begin in June, which completed scheduled for the summer of 2022.
The partnership also closed on a $45.5 million construction loan from U.S. Bank. Upon completion, Kinect is slated to offer studio, one- and two-bedroom units. The project is located in a federal opportunity zone, near the future Lynnwood City Center light rail station, which is scheduled for completion in 2024. The station forms part of Sound Transit’s Lynnwood Link Extension project, which will provide direct service to downtown Seattle, the University of Washington, and Sea-Tac Airport.
The new partnership marks Canyon’s fourth joint venture equity investment into an opportunity zone, after the company teamed up with Fore Property for the development of 19 South, a 384-unit project in Kissimmee, Fla., in January. The community is slated for completion in May 2022. Canyon invested $29.8 million of equity for 19 South.