Canyon Capital Realty Advisors Provides $35.0 Million Loan Collateralized by over 2,100 Multi-Family Units in Florida, Arizona and Nevada.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif. -- Canyon Capital Realty Advisors funded a $35.0 million loan to refinance and to acquire existing senior and mezzanine debt collateralized by over 2,100 multi-family units within twelve garden-style condominium conversion developments located in Florida, Arizona and Nevada. The condominiums are owned by SunVest Communities USA, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and its affiliates, a real estate development company headquartered in Hallandale, Florida. The multi-family properties were built between 1984 and 2003 as apartment developments with over 4,700 units. SunVest acquired the properties during 2005 and 2006, and successfully renovated and converted the units from apartments to condominiums. Since completion of the condominium conversions, SunVest has sold over 50% of the portfolio units. The remaining units within the SunVest portfolio are currently offered for sale and for lease. "SunVest continues to successfully close on sales of units as part of their condominium conversion sales strategy," said Jonathan Roth, Principal of Canyon. "In addition, SunVest's properties are located within strong rental markets and are therefore well-positioned to weather the slowdown in the for-sale housing market by capturing increased rental demand." The Florida properties are located in Orlando, Coral Springs Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Miami and Tampa within the communities known as Eaglewood, Regency Gardens, Hawthorne Village, Harbor Point Built in 1972, Harbor Point Condominiums is a residential and commercial building in Chicago, Illinois on Lake Michigan. The building has views of both Grant and Millennium Parks and sits on Chicago's Monroe Harbor. , Edgewater, Mediterranean Village and Enclave. The Arizona properties are located in Phoenix within the communities known as Mountain Canyon, Red Rox and Citi on Camelback cam·el·back adj. Shaped like a hump or an arching curve. n. New Orleans A narrow house with one story in front and two in the rear. See Regional Note at beignet. . The Nevada properties are located in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. within the communities known as Traverse Point and Pinehurst. SunVest has a successful 29-year track record in operating, repositioning and converting apartments and hotels to condominiums. Since inception, SunVest has sold over 20,000 units in over 100 developments in Florida, Las Vegas, Arizona, Colorado and Texas. SunVest is managed by Harvey Birdman bird·man n. 1. also One, such as an ornithologist, who works with birds. 2. Slang An aviator. , Louis Birdman and Herb Hirsch. "We are thrilled with the closing of this highly complex transaction and to form a relationship with SunVest," 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 , Managing Partner of Canyon. "This deal is consistent with Canyon's investment philosophy of providing capital to experienced real estate operators for assets that have substantial downside protection Downside Protection Generally used in connection with covered call writing, this is the cushion against loss, in case of a price decline by the underlying security, that is afforded by the written call option. ." About Canyon Capital Realty Advisors Canyon Capital Realty Advisors LLC and its affiliate Canyon Capital Advisors LLC are registered investment advisors Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in and money management firms based in Beverly Hills, Calif., with more than $19.0 billion of capital under management. Canyon's real estate activities focus on providing debt and equity capital to real estate owners, operators, developers, corporations and entrepreneurs, enabling them to participate in transactions that would have traditionally eluded them due to capital constraints. Canyon has built its reputation on creative underwriting and structuring, reliable commitments, overall professionalism and timely closings. Canyon's real estate funds include the Canyon Value Mortgage Fund, the Canyon Value Opportunity Fund and the Canyon-Johnson Urban Funds, a joint venture with Earvin "Magic" Johnson focused on the development of retail and residential properties in densely populated, ethnically diverse communities. For more information on the company, visit their website at www.canyonpartners.com. |
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