Canyon Partners Real Estate and J.P. Morgan Provide $74.7 Million Construction Loan for Rental Townhome Development in Riverside, CA

RIVERSIDE, Calif., Aug. 27, 2026 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") today announced that it has jointly provided a $74.7 million senior construction loan with J.P. Morgan to BCT Development ("BCT"), a joint venture between Bain Capital Real Estate and Cherry Tree Development, for the ground-up development of a Class-A rental townhome community located in Riverside, California.

The Property will feature 180 rental townhomes across three-story walk-up buildings, offering a mix of two-, three-, and four-bedroom units. The Property is designed to offer a differentiated product from traditional multifamily with larger unit sizes, private entrances, and direct-access garages. The Property will also include common area amenities such as a pool, fitness center, and clubhouse.

Located in Riverside's Mission Grove neighborhood, the Property has convenient access to neighborhood retail, a variety of school options, and key transportation corridors. Additionally, the Property benefits from the continued population growth and a strong employment base in the broader Inland Empire.

The financing represents Canyon's second senior construction loan to BCT this year, following the closing of a $91.3 million loan in March for the development of a 232-unit rental townhome community, also located in Riverside.

"This development aligns with our strategy of developing high-quality rental housing that responds to the evolving preferences of residents in markets with persistent housing shortages," said Chris Marsh, Founder and CEO of Cherry Tree. "We believe the community's differentiated features will offer residents an attractive alternative to traditional multifamily housing."

Since inception, in California, Canyon has invested over $1.2 billion of debt capital across 45 transactions, capitalizing $2.7 billion of total projects across all asset types. The firm has maintained a presence in California for more than three decades and continues to invest in real estate projects across primary and secondary markets in the United States.

About Canyon Partners Real Estate LLC

Founded in 1991, Canyon Partners Real Estate LLC ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $30 billion in assets under management. Over the last fifteen years, Canyon has invested over $7.7 billion of debt and equity capital across 268 transactions capitalizing approximately $24.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.

About BCT Development

BCT Development is a strategic partnership between two industry leading real estate organizations: Bain Capital Real Estate and Cherry Tree Development. This joint-venture is dedicated to the ground-up development of premier rental townhome communities throughout high-growth suburban markets in Southern California. BCT is committed to fulfilling a need in the market for upscale, elevated, and quality rental housing in areas that have become increasingly unaffordable to buy. BCT is strategically positioned to deliver on its development initiatives through an experienced leadership team featuring multifamily development specialists with over three decades of California market expertise. The principal's proven capabilities include the successful delivery of more than 22,000 multifamily units and deployment of over $10 billion in equity capital. This execution capacity is further strengthened by the financial and operational support of the Bain Capital Platform, which currently has $180 billion in assets under management.

Media Contacts:

Canyon Partners
Kris Cole
[email protected]
(310) 614 9208

SOURCE Canyon Partners LLC