Los Angeles (June 15, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided $32 million of preferred equity to an affiliate of Camden Securities Company to develop the NoHo L&O, a Class-A mixed-use property in the North Hollywood Arts District in Los Angeles, California. Upon completion, the project will feature 297 multifamily units and a Whole Foods Market 365® located on the ground floor. The 2.04- acre site is located at the intersection of Lankershim Boulevard and Otsego Street in one of Los Angeles’s fastest growing urban centers.
Canyon has a broad range of experience investing in California. In the past five years, Canyon has deployed over $960 million in 42 investments across California through senior loans, mezzanine loans, preferred equity and equity, with over $285 million of investments in the Los Angeles metro area alone.
“Demand for quality multifamily rental housing in the dynamic North Hollywood submarket continues to grow,” said Adam Heine, CEO, Camden Securities Company. “We, along with our partners Don Hayes and Pat Ayau at Hayes Capital Management, are proud to continue to work with Canyon’s deeply experienced team on this project to deliver a luxury development in this highly desirable market.”
The 7-story midrise property will feature 272 market rate units with a mix of 38 studios, 168 one-bedroom apartments and 66 two-bedroom apartments. The 25 affordable units will be a mix of 4 studios, 15 one-bedroom apartments and 6 two-bedroom apartments. Project amenities will include approximately 10,000 square feet of rooftop space with a pool, residents’ lounge, recreational room and game room. In addition, the project will offer a podium courtyard, fitness center, lounge, business center and multipurpose yoga room. The three-level garage will offer 565 parking spaces.
NoHo L&O is in a transit-oriented location at the nexus of several major employment centers, including Downtown LA, Hollywood, the San Fernando Valley and Beverly Hills/Century City. With a Walk Score of 95, the property is within walking distance of the North Hollywood Metro Rail Station and provides easy access to the 101 Freeway.
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 Camden Securities Company
Camden Securities is a third generation, family-run investment company focused on investing in the commercial real estate sector and throughout the capital markets. Camden Securities was founded in 1924 by Aaron Heine and is managed today by Adam Heine. Throughout the United States, Camden Securities Company, along with it’s subsidiaries, is currently invested in more than 2.5 million square feet of retail, 1 million square feet of office space and over 7,000 multifamily units. For more information visit: www.camdensec.com.
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