Los Angeles (June 16, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $21.6 million senior construction loan to finance the development of a 35-unit luxury condominium project located along Sunset Boulevard in the Silver Lake neighborhood of Los Angeles. The project, which is being developed by a joint-venture between Barth Partners and Barry Leddy Developments, will be the first new luxury condominium development of its kind to deliver along this Sunset Boulevard submarket in over ten years.
Canyon has a broad range of experience investing in California. In the past five years, Canyon has deployed over $992 million in 43 investments across California through senior loans, mezzanine loans, preferred equity and equity, with over $315 million of investments in the Los Angeles metro area alone.
“Silver Lake continues to be one of the most desirable neighborhoods in Los Angeles but has been supply-constrained for a decade,” said Justin Barth, founding partner of Barth Partners. “Canyon was the ideal lender to provide the non-recourse financing for this project and has proven to be a highly-accretive and dependable source of capital. We are proud that Canyon recognized the value of this rare development opportunity.”
The project is located on a 0.37-acre site at the intersection of Sunset Boulevard and Micheltorena Avenue, providing residents with walkable access to nearby restaurants, bars, cafés, and boutiques. In addition to the neighborhood amenities, the location allows easy access to major employment hubs including Downtown Los Angeles, Hollywood and Glendale.
The project will feature amenities including a community lounge, pool deck, meditation garden, bike storage space, large interior courtyard as well as a retail space on the ground floor with outdoor seating.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.3 billion of capital in over 250 commercial real estate and mortgage transactions with a total capitalization of $16.8 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $22 billion of assets. For more information visit: www.canyonpartners.com.
About Barth Partners, LLC
Barth Partners, LLC is a privately-held Los Angeles-based real estate investment and development company that invests in residential and commercial real estate located primarily in Southern California, particularly the greater Los Angeles area. The company focuses on value-add, opportunistic investments in transitional urban districts in a range of asset classes, including office, residential, retail and industrial. Barth Partners is a fully integrated company with in-house expertise in acquisition, development, construction management, property and asset management, dispositions and financing. For more information visit www.barthpartners.com.
About Barry Leddy Developments
Barry Leddy is a developer of residential and commercial projects worldwide. Based in Ireland, the privately-held real estate company has invested in and/or developed 20 projects in Europe, Asia, the Caribbean and North America, including two in Southern California. For more information visit www.barryleddydevelopments.com.
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