$600m fund closes.On the heels of the success of the Canyon-Johnson Urban Fund I, the partnership of Canyon Capital Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors and Earvin "Magic" Johnson's Johnson Development Corporation announced the closing of the first $470 million of its newly launched $600 million Canyon-Johnson Urban Fund II. The commitments for an additional $130 million are expected to close by the end of April. The Canyon-Johnson Urban Funds will be positioned to facilitate more than $3 billion of urban development and revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. . Like the first fund, Canyon-Johnson Urban Fund II will focus on real estate in densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. , ethnically diverse neighborhoods throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In addition to meeting its investment objectives, the Fund will look to foster economic opportunities for the underserved residents of the neighborhoods in which it invests. "The success of Canyon-Johnson Urban Fund I and the overwhelming interest in Fund II confirms that institutional capital has come to recognize the opportunities of urban investing," said Bobby Turner Robert "Bobby" Turner (born May 6, 1949 in Midway, Alabama) is the Denver Broncos running backs coach. He joined Denver in 1995, he also worked for 20 years as a college assistant and has 34 combined years of coaching experience at the professional, collegiate and high school , the Fund's Managing Partner. "We decided to cap the fund at $600 million despite receiving more than $1 billion in interest," Turner added. |
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