Business Wire 11-Jan-2019 11:30 AM
480-home luxury multifamily community set to break ground
For JPI, a leader in the development of Class A multifamily communities, the goal of delivering a top-of-the-line community to the residents of Santa Clarita's Vista Canyon is now within reach. The company announced today that they have closed construction financing on Jefferson Vista Canyon, a $190 million, 480-home luxury apartment community. Comerica Bank, based in Dallas, and Colony Credit Real Estate, based in Los Angeles, will provide construction financing for Jefferson Vista Canyon.
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JPI has closed construction financing on Jefferson Vista Canyon, a $190 million, 480-home luxury apartment community. (Photo: Business Wire)
Jefferson Vista Canyon is the first major residential development within JSB Development's Vista Canyon, a new 185-acre, mixed-use walkable community. The master-planned development will include retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and the Metrolink commuter rail at its center.
Also, a variety of single-family residences and a new 11-acre park will be located minutes away.
"Jefferson Vista Canyon is JPI's third property within the Santa Clarita Valley and is a further reflection of our commitment to invest in developing communities in the region," said Rosie Cooper, executive vice president and regional managing partner of the Western Region for JPI. "Our new luxury apartment homes will be a perfect fit for JSB's vision of creating a living environment that integrates urban vitality and connectivity with its own 10-mile system of bike, pedestrian and equestrian paths in one of the nation's largest urban environments."
"Jefferson Vista Canyon is a great addition to the overall master-planned community, and we are excited to play a part in making it possible for the citizens of Santa Clarita," said Matt Maberry, Comerica Bank's vice president of national real estate services and the senior lender on the project.
"JPI has been a reputable name in the Southern California market for more than 20 years," said Andrew Nguyen, senior vice president at Colony Credit Real Estate, the mezzanine lender for Jefferson Vista Canyon. "We are honored to work together on this project to deliver another top-of-the-line community to the residents of the area."
"JSB is pleased with the announcement of construction funding for Jefferson Vista Canyon," said James S. Backer, president of JSB Development. "With the near-completion of Vista Canyon's water-reclamation facility, which furthers our commitment to authentic green resources, plus the growing interest in the Gensler-designed three-story office building planned for the community, the anticipated groundbreaking of JPI's development is an outstanding trendsetter for this master-planned community."
JPI's Jefferson Vista Canyon community will provide a range of floorplans. A select few homes will even have rooftop decks, truly enabling residents to enjoy the live-work-play environment within this master-planned community. Jefferson Vista Canyon features unique community amenities typically found in more urban settings. Key amenities include:
Designed by Architects Orange, based in Orange, California, Jefferson Vista Canyon is set to be complete by spring 2020.
JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth. Headquartered in Irving, Texas, JPI also has offices in California, Arizona and New York. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI's executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – including low-density garden apartments, mid- to high-density wrap and podium projects, mixed-use developments, and student living communities. The firm offers investment management, predevelopment, underwriting, marketing and asset management services as well as construction, financial and administrative services. For more about JPI, visit JPI.com.
About Comerica Bank
Comerica Incorporated (NYSE:CMA) is a financial services company headquartered in Dallas and strategically aligned by three business segments: The Business Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
About Colony Credit Real Estate
Colony Credit Real Estate (NYSE:CLNC) is one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. Colony Credit Real Estate is externally managed by a subsidiary of leading global real estate and investment management firm, Colony Capital, Inc. Colony Credit Real Estate is organized as a Maryland corporation that intends to elect to be taxed as a REIT for U.S. federal income tax purposes for its taxable year ending December 31, 2018. For more information on the company and its management and business, see clncredit.com.
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