LOS ANGELES, CA (December 5, 2018) – Canyon Partners Real Estate LLC® (“Canyon”) announced the acquisition of the Fountain View Apartments, a 153-unit, two- and three-story multifamily community located in Long Beach, California. The transaction was executed through Canyon Multifamily Impact Fund III LLC (“CMIF III”), a joint venture between Canyon and CIT. CIT’s Real Estate Finance business also provided a $26 million senior loan to fund the acquisition and capital improvements.
Canyon’s Multifamily Impact Fund platform seeks to enhance multifamily properties by making material, long term capital improvements and instituting social impact initiatives in low and moderate income communities across the United States. Canyon’s Multifamily Impact Fund platform promotes the implementation of resident programs through a variety of education, healthcare and community initiatives designed to benefit both residents and the communities in which they live and work. Since inception, the Canyon Multifamily Impact Fund platform has acquired over $400 million of workforce housing, representing approximately 4,000 units and 3.3 million square feet.
CMIF III targets opportunities in Southern California where there is an opportunity to invest in the betterment of the communities in which CIT serves. The Fountain View Apartments provides its residents with access to Long Beach’s major employers, hospitals, retail, and entertainment. CMIF III will be building upon this resident experience, enhancing the property’s fitness center, outdoor areas, and select unit renovations in addition to instituting a variety of social impact programs all with the goal of benefiting residents and the community alike.
“The acquisition of the Fountain View Apartments represents CIT’s commitment, through CMIF III and Canyon, to creating quality workforce housing in Southern California located in close proximity to transportation, employment, education and healthcare,” said Mike Pedone, a managing director in CIT’s Real Estate Finance group. “Our improvement plans for the property will help enrich the lives of its residents. We are proud of the positive impact CMIF III will have on this community.”
About Canyon Partners Real Estate 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 over $24 billion in assets under management. Over the last ten years, Canyon has invested more than $4.5 billion of debt and equity capital across 160+ transactions capitalizing approximately $11 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 27 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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
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