LOS ANGELES, November 23, 2020 - Canyon Partners Real Estate LLC (“Canyon”) today announced the acquisition of a $314 million loan portfolio, comprising six senior mortgage loans secured by multifamily, student-housing, self-storage and senior living properties. The seller was represented by Eastdil Secured in this transaction.
The senior loans are floating-rate with 3- to 5- year terms inclusive of extension options and feature an average loan balance of approximately $50 million. The collateral properties are diversified across geographic markets including California, Colorado, Rhode Island, Texas and Tennessee, and include assets which are in lease-up as well as fully stabilized.
“We are pleased with the high quality nature of this loan portfolio acquisition, and the diversification that it provides our debt portfolio, which is active in both note acquisitions and directly originated debt,” said Robin Potts, Canyon’s Co-Head of Real Estate Investments 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 have seen over $6 billion of commercial mortgages come to the market for sale as lenders reposition their balance sheets and portfolios following COVID-19. Speed and certainty of execution are critical to capturing these opportunities.”
Canyon invests across the capital structure in both real estate debt and equity, and opportunistically acquires both performing and non-performing secondary market positions. Since inception, Canyon has completed $2.0 billion of secondary market note acquisitions.
The transaction closed in October, increasing Canyon’s unrealized real estate portfolio to approximately $5.5 billion of project capitalization.
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 $25 billion in assets under management. Over the last ten years, Canyon has invested more than $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $14.7 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 29 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
(310) 614 9208