The Grupe Company and Canyon Partners Form Joint Venture to Develop 253 Unit Multifamily Project in Folsom, CA; Secure Construction Loan from Umpqua Bank
FOLSOM, Calif., April 24, 2023 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") and Iron Point Manager LLC, a partnership between The Grupe Company, Guardian Capital and Cole Partners, announce a joint venture for the ground-up construction of Iron Point Apartments. The project is a Class A market-rate multifamily garden style development located in Folsom, CA, an affluent, growing, and highly desirable suburban neighborhood of Sacramento. Canyon provided $16 million of preferred equity for this project, which also secured a senior construction loan from Umpqua Bank. The multifamily community will begin construction immediately and is projected to be open for first move-ins by the
