LOS ANGELES, November 23, 2020 / PRNewswire / – Canyon Partners Real Estate LLC (“Canyon”) today announced the acquisition of a $ 314 million loan portfolio, comprising six senior mortgages secured by multi-family buildings, student housing, self-service warehouses and senior residences. The seller was represented by Eastdil Secured in this transaction.
Senior loans are variable rate with terms of 3 to 5 years, including extension options, and have an average loan balance of approximately $ 50 million. Guarantee goods are diversified in geographic markets, including California, Colorado, Rhode Island, Texas and Tennesseeand include leased and fully stabilized assets.
“We are satisfied with the high quality nature of this loan portfolio acquisition and the diversification it provides to our debt portfolio, which is active in both note acquisitions and debt securities directly.” , said Robin potts, Co-head of real estate investments at Canyon and director of acquisitions. “Commercial real estate lenders have generally not been active sellers of mortgages since the last cycle, but since March 2020, we saw more $ 6 billion commercial mortgages hit the market for sale as lenders reposition their balance sheets and portfolios in the wake of COVID-19. Speed and certainty of execution are essential to seize these opportunities. “
Canyon invests across the entire capital structure in both real estate debt and equities, opportunistically acquiring both performing and non-performing secondary market positions. Since its inception, Canyon has completed $ 2.0 billion acquisitions of notes on the secondary market.
The transaction closed in October, bringing Canyon’s unrealized real estate portfolio to approximately $ 5.5 billion project capitalizations.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the direct real estate investment arm of Canyon Partners, LLC, a global alternative asset manager with more than $ 25 billion in assets under management. Over the past ten years, Canyon has invested more than $ 5.6 billion of debt and equity on more than 200 transactions capitalizing approximately $ 14.7 billion real estate assets, focusing on leverage, added value and opportunistic strategies. With 29 years of experience, Canyon has established a broad spectrum of investment capabilities spanning property types, regions of the United States and project stages (including development, transition and workouts in difficulty). For more information visit: www.canyonpartners.com
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SOURCE Canyon Partners LLC