Canyon Partners Provides Preferred Equity to Recapitalize North Carolina Multifamily Property
February 15, 2024
Charlotte, NC – (February 14, 2024) – Canyon Partners Real Estate LLC (“Canyon”) announced today that it has provided a $15.6 million preferred equity investment relating to the recapitalization of Towerview at Ballantyne (“Towerview”), a Class-A, high-rise residential community in the Ballantyne submarket of Charlotte, North Carolina.
Built in 2021, Towerview is the first Class-A, high-rise residential community in Ballantyne, an affluent neighborhood approximately 25 minutes south of Uptown Charlotte, known for its top-rated public school system and prominent corporate employers. Towerview features modern floor plans with quartz countertops and stainless-steel appliances and offers a complete amenity package inclusive of a dog run, resort style pool, indoor and outdoor sky lounge, private dining room, resident wine bar, fitness center, dry sauna and hot tub.
Towerview marks Canyon’s fifth investment in the Charlotte market. Most recently, Canyon provided $35.9 million of LP equity for the development of the Abernethy Lofts, a 392-unit, Class-A multifamily community in the NODA submarket of Charlotte.
Canyon has been an active provider of debt and equity in multifamily and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested ~$2.7 billion in debt and equity to capitalize ~$13.2 billion of total projects across multifamily investments.
Eastdil Secured, L.L.C arranged the preferred equity for the recapitalization. Travis Anderson, Warren Johnson, and Jovi Rodriguez with JLL Capital Markets facilitated the senior loan financing for the transaction.
About Canyon Partners LLC
Founded in 1991, Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.5 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $21.5 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.
About Eastdil Secured
As the most relevant and trusted advisor in the commercial real estate capital markets, Eastdil Secured creates value for clients through creative, actionable ideas and flawless execution. With an unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals, Eastdil Secured delivers best-in-class advice on mergers and acquisitions, sales, joint ventures, debt placement, structured credit and loan sales to investors around the world. Headquartered in New York, Eastdil Secured has a broad global footprint to support clients with offices across the United States in Atlanta, Boston, Charlotte, Chicago, Dallas, Los Angeles, Miami, Orange County, San Francisco, Seattle, Silicon Valley and Washington, D.C., and internationally in Dubai, Dublin, Frankfurt, London, Milan, Paris, Hong Kong and Tokyo. For more information on Eastdil Secured, the global real estate investment bank, please visit www.eastdilsecured.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Media Contact
Kris Cole
Prosek Partners
(310) 614 9208
pro-canyon@prosek.com
