Canyon-Johnson investments reach $105m in NYC.The Canyon-Johnson Urban Fund has provided $12.4 million in mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. developer Green Street Development LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for the ground-up construction of 110 Green Street Condominiums, a 130-unit, full-service six-story building with 67 on-grade parking spaces in the Greenpoint neighborhood of Brooklyn. The property is located in a transit-oriented, pedestrian-friendly area, two blocks from the waterfront and one block east of Manhattan Avenue, a bustling neighborhood filled with restaurants, boutiques, retail outlets and entertainment venues. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. has provided a $41 million senior loan for the construction of the project. "The Green Street transaction is consistent with Canyon's continued desire to capitalize quality residential and mixed-use projects in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ," 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-Johnson Urban Fund. "We are confident that this residential development will bring increased vitality and value to this well-established neighborhood in Brooklyn." Earvin "Magic" Johnson added, "We are believers in Brooklyn as a place that is economically growing, healthy, entertaining and the place to be. By bringing high-quality residential space to Greenpoint, Canyon-Johnson is adding to the revitalization of the already vibrant Brooklyn community." In the past four years, Canyon and its affiliates have provided both debt and equity for several highprofile mixed-use developments in New York City, including the acquisition of a large land parcel in the West Chelsea district intended for mixed-use, the acquisition of 369-371 Broadway in Manhattan, which is planned for a 17-story condominium project, and the development of One Hanson Place in the landmark Williamsburg Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Building in Brooklyn. 110 Green Street Condominiums will incorporate amenities that surpass any other development in its locale. Amenities will include a full-time doorman, concierge, fitness center, library, pool, central garden, staffed playroom and bike/stroller storage. The development will feature views of Manhattan from its upper floors, roof decks and private balconies. Units will be comprised of one-, two- and three- bedrooms offering floor-to-ceiling windows, wireless internet access See how to access the Internet. , as well as premium kitchen and bathroom fixtures and appliances. The homes are designed to appeal to a diverse and growing group of single working individuals and young families currently priced out Priced out The market has already incorporated information, such as a low dividend, into the price of a stock. of Manhattan and other more expensive neighborhoods. "Green Street has seized a terrific opportunity to introduce homebuyers to affordable living in the Greenpoint neighborhood of Brooklyn with all the amenities one would expect in a Manhattan high-rise," said Christopher Gregg, vice president at Bank of New York. "We are delighted to work in partnership with Earvin "Magic" Johnson, Bobby Turner and their team at Canyon on this deal." Joseph Treff, a principal of Green Street Development, said, "Canyon assembled an expert team that was able to quickly fund a complex trans action in order to make this development a reality. Their knowledge of the New York marketplace, and Brooklyn in particular, proved invaluable in closing this loan." Green Street Development has retained European Builders, who also served as general contractor A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. for the Gretch, a landmark condominium conversion in Williamsburgh, Brooklyn. Meltzer/Mandl Architects are the architects for the project. 110 Green Street is under construction. Occupancy is scheduled for June 2008. |
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