DRAPER, Utah, January 6, 2022 / PRNewswire / – Canyon Partners, in conjunction with CJM Development Group (âCJMâ) and Hensel Phelps Construction Co. (âHensel Phelps“), announce a joint venture for the top-to-bottom construction of a class A multi-family community at market price located in clothier, a highly coveted and rapidly growing suburb of Salt lake city. Canyon provided $ 23.7 million preferred shares for this project, which also secured a senior syndicated construction loan led by CIBC United States. The subscription and the financing were organized by LGA Capital. The multi-family community will begin construction immediately and is expected to be open to first moves by the end of 2023.
Located at 12300 Pony Express Road, the development will include three six-story buildings with 423 apartments, over 11,700 square feet of ground-floor retail, 703 parking spaces, and a variety of desirable community amenities such as ‘a fitness center, business center, swimming pool, pickle ball court and dog park, in addition to rooftop terraces with stunning views of the Wasatch Mountains. The multi-family community will benefit from its central location within ‘Silicon Slopes’, the bustling employment hub that has experienced strong population growth driven by the rapid expansion of high-income jobs in the tech sector. Located just 18 miles from downtown Salt lake cityit will also be close to popular ski resorts in the region.
âWe are thrilled to lead the way for this community with Canyon and Hensel Phelps, just as we are finishing construction of Canyon Vista, another multi-family project located immediately south of the site, âsaid Chris Miller at the CJM. âAs the metropolitan area of Salt lake city continues to grow rapidly, we look forward to meeting the needs of clothier community by providing newly constructed, high quality housing to the area. “
The development represents the second project between Hensel Phelps and CJM, and the fifth project between Hensel Phelps and Canyon. This investment brings Canyon’s real estate portfolio to approximately $ 6.9 billion the capitalization of the project.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLCÂ® is the direct real estate investment arm of Canyon Partners, LLC, a global alternative asset manager with more than $ 27 billion in assets under management. With 30 years of experience, Canyon has established a broad spectrum of real estate investing capabilities spanning debt, value-added, and opportunistic strategies across property types, regions of the United States, and project stages (including including development, transition and training in difficulty). For more information visit: www.canyonpartners.com
About CJM Development Group
CJM Development Group, Inc is a full service development company in the Grand Lac SalÃ© region. Based at Draper, UT, the company was founded by Chris Miller to develop multi-family projects. The company’s business strategy is to find land, authorize land for multi-family development, find financing for developments and oversee construction of projects.
About Hensel Phelps
Founded in 1937, Hensel Phelps specializes in building development, construction and facility services. As one of the largest general contractors owned by its employees in United States, Hensel Phelps is committed to delivering EXCELLENCE in everything we do. This vision as well as our fundamental values ââof ownership, integrity, builder, diversity and community define our culture and guide us in the realization of our clients’ projects. Our holistic approach starts with innovative planning and spans the life of the property. For more information on the Hensel Phelps Way visit www.henselphelps.com.
CIBC is a leading financial institution in North America with 11 million personal, corporate, public and institutional clients. CIBC offers a full range of advice, solutions and services in United States, on the other side Canada and all over the world. In the United States, CIBC United States provides commercial, private and personal banking and small business banking solutions, and CIBC Private Wealth offers investment management, wealth management strategies and wealth planning services. Visit us at cibc.com/US.
About LGA Capital
LGA Capital CRE is an SEC registered private placement broker and member of FINRA that provides commercial real estate investment banking services to its clients seeking to raise debt and equity. Relying heavily on in-depth underwriting and analysis, LGA leverages its long-standing relationships with the industry to provide creative business and capital planning solutions for all types of properties in markets nationwide. In addition to the traditional services offered by a broker, LGA works with its clients to develop business plans, assess opportunities and execute investment strategies. For more information on LGA Capital CRE and its affiliates, please visit www.lgacapital.com.
Development Hensel Phelps, LLC
Kristy L. Daube, Director, US Media Relations
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SOURCE Canyon Partners LLC