Canyon Partners JV to Develop Multifamily Near Future TSMC Plant
Canyon Partners Real Estate LLC, Ascendant Capital Partners and Bond Companies have formed a joint venture to support the development of Inspire Sonoran Desert, a 560-unit, Class A multifamily community in the North Valley submarket of Phoenix. Kennedy Wilson provided the JV with a senior construction loan of an undisclosed amount.
North Valley has experienced rapid growth in recent years, following TSMC’s announcement to build a multi-phase semiconductor plant in the submarket. Inspire Sonoran Desert will be one of the closest communities in the market to TSMC.
Inspire Sonoran Desert marks Canyon’s ninth investment in the Phoenix area over the past five years. Canyon has been an active provider of debt and equity in Arizona and continues to invest in real estate projects in primary and secondary markets across the U.S. For Kennedy Wilson, the construction loan is the latest in an active year for its debt investment platform.
