Canyon Provides $126M in Refis for Multiple Properties
The loans refinance three projects in two of the nation's biggest markets.
Canyon Real Estate Partners has provided a total of $126.3 million in senior bridge loans for three separate multifamily projects located in Los Angeles and Chicago.
The loans projects include $41 million to refinance SaltAire, a 132-unit community featuring one- to four-bedroom floor plans in Torrance, Calif., a submarket of Los Angeles. The property’s amenities include a pool, fitness center and lobby, all of which are being upgraded. Located at 20530 Ana Ave., the property is close to local beaches, parks and other outdoor recreational offerings.
Artisan Oaks, a 160-unit community in Santa Clarita that spans over 17 buildings, was refinanced with an $38.3 million senior bridge loan. The community, located at 25910 Tournament Road, includes one-to-two-bedroom residences. On-site amenities include a playground, pool, fitness center and a new clubhouse.
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The largest refinancing loan went to American House Oak Park, a recently-opened Class A 174-unit senior living community that landed $47 million. Located at 703 Madison St. in Oak Park, Ill., a Chicago suburb, the community was built by a joint venture between affiliates of AEW Capital Management and REDICO. Newmark facilitated the transaction.
Oak Park’ residences include 74 independent living units, 65 assisted living and 35 memory care apartments. On-site amenities include a salon, game room, art studio, theater and rooftop lounge.
Other Canyon Partners ventures
To-date, Canyon has invested more than $1.1 billion of debt and equity capital across 40 transactions in California. The firm remains an active lender and investor, despite a volatile macroeconomic and capital markets landscape.
Earlier this year, a joint venture between Canyon, GMH Communities and CRG obtained a $78.5 million refinancing loan for a student housing community in Reno, Nev.
In November, the company partnered with Gilbane to provide a preferred equity investment for Aer, a 375-unit community in Austin.
