Canyon-Johnson Urban Fund Invests in L.A. Development
- Jan 10, 2012
Los Angeles—Canyon-Johnson Urban Fund has provided preferred equity capital to the joint venture partnership developing One Santa Fe, a $160 million mixed-use project located in Los Angeles’s Arts District. The financing will allow The McGregor Company, Polis Builders Ltd. and Goldman Sachs Urban Investment Group to begin construction and site improvements this month.
The fully entitled and permitted project, situated on land owned by the Metropolitan Transportation Authority, spans several blocks on Santa Fe Avenue between First and Fourth Streets. When complete, One Santa Fe will include 438 apartments and 78,620 square feet of office and retail space, along with nearly 50,000 square feet of public outdoor space.
“One Santa Fe is truly transformative for Los Angeles,” says Bobby Turner, managing partner at Canyon-Johnson Urban Fund. “It’s time to move this valuable development forward. The project will help meet the substantial demand for affordable and market-rate housing and create a new focal point for the neighborhood by bringing public transportation and new life to a piece of land that has sat underutilized for too long.”
The investment closed a financing gap for the four-acre, six-story project. The residential portion is being financed by tax-exempt bonds issued by the California Housing Finance Agency, a loan from the City of Los Angeles Housing Department, and LIHTC equity provided by Goldman Sachs Urban Investment Group. The commercial component is being financed by a loan from the City of Los Angeles; New Markets Tax Credit allocations provided by Clearinghouse CDFI, Genesis LA Economic Growth Corporation and the Los Angeles Development Fund; and New Markets Tax Credit equity provided by UIG.
Locally based KTGY Group inc. is the executive architect for the project.
ARA brokers 240-unit sale in North Carolina
Greensboro, N.C.—ARA has completed the sale of Hunt’s View, a 240-unit community located in Greensboro, N.C. Sean Wood, Blake Okland and Dean Smith of ARA’s Charlotte office represented an undisclosed seller in the transaction. The property was picked up by North Carolina-based Church Street Partners.
“Many investors are turning to secondary markets like Greensboro, seeking a yield premium relative to where core markets like Raleigh and Charlotte are turning,” says Wood. “Hunt’s View has been well maintained by its previous owner, allowing the buyer, Church Street Partners, to focus on light interior value add strategy to increase rental rates and generate attractive cash returns.”
Hunt’s View was 95 percent occupied at the time of sale. The property was built in 1987, and is comprised of one- and two-bedroom units. Amenities include a pool with spa, a billiards room, fitness facility, and a barbecue area.
GFI Realty brokers $1.05M Sale of apartment building
Bronx, N.Y.—GFI Realty Services Inc. announces the sale of 1700 Mahan Avenue aka 3101 Roberts Avenue, a listing in the Pelham Bay section of the Bronx, for $1,050,000, which translates to seven times the rent roll.
The three-story mixed-use building consists of 12 apartments and two offices totaling approximately 5,616 square feet. Daniel Shragaei and Shlomo Antebi, both of GFI Realty Services, were the brokers in this transaction.
“The buyer was very excited about this rare opportunity to purchase a post-war apartment building in the Pelham Bay area of the Bronx,” says Shlomo Antebi.
“The building currently has three vacant apartment units and the buyer has plans for some major capital improvements. He has purchased this property as a long term investment,” says Daniel Shragaei.
The multifamily apartment building was built in 1978 and is located near the 6 subway train as well as Pelham Bay Park, the Bruckner Expressway and the Hutchinson River Parkway.