Los Angeles, CA – January 10, 2019 – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $20.3 million mezzanine loan to a joint venture between KD Sagamore Capital and Ranger Properties to finance the development of 199 Chrystie Street, an architecturally-distinct, 14-unit boutique condominium project in New York City’s vibrant Lower East Side.
Designed by renowned architect Thomas Juul-Hansen, 199 Chrystie Street is surrounded by restaurants, nightlife, shopping, culture, and is located across the street from Sara D. Roosevelt Park, the largest park in lower Manhattan. Many units will offer private terraces, duplexes with double-height living rooms, floor-to-ceiling windows, and semi-exclusive full-floor main entrances. Building amenities include a full-time doorman/concierge, gym, bike storage, mailroom/package room, resident storage lockers, and parking (for sale). The property is within close proximity to four subway stations servicing eight lines.
“There is so much vibrant culture and history present in the Lower East Side. The area really is a blend of old and new. Despite the transformative architectural, culinary, and artistic developments that have been introduced to the neighborhood, there is still a sense of timelessness and we are excited to be a part of it,” said Charles Dubroff, Principal, KD Sagamore Capital.
Canyon has a long track record of investing in the residential condominium sector, focusing on providing capital in primary and secondary US markets. Since 2010, Canyon has made over $900 million of debt and equity investments in residential condominium assets nationwide, supporting the financing of over $2 billion of projects. Canyon also has extensive experience deploying capital in New York City area, having invested debt and equity across over $1 billion of assets since 2010.
Construction of 199 Chrystie Street is scheduled to begin immediately.
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 approximately $4.6 billion of debt and equity capital across 170 transactions capitalizing over $12 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.
About Ranger Properties
Ranger Properties is a full-service real estate development firm focused on the long-term, striving for excellence in all phases of the development process. Working closely with the architectural team during the design process ensures that the firm is able to pay meticulous attention to the details during construction, and carefully monitor all aspects of ongoing operations after project completion. Ranger Properties’ diverse experience includes new development multifamily (affordable and market rate) residential and mixed-use projects, hotels, and commercial properties. The firm focuses on creating enduring projects that positively contribute to the community, and holds a decades-long track record of working with conventional lenders, city, state and federal agencies and multiple governmental agencies to realize projects that align with public goals.
About Sagamore Capital
KD Sagamore Capital LLC is an opportunistic real estate development and investment firm based in New York City, focusing on under-utilized assets in national urban markets.
(914) 686 5599