Los Angeles (September 26, 2016) – Canyon Partners Real Estate LLC (“Canyon”) has funded $15.4 million of preferred equity to a joint venture between ECI Group and Mercury Advisors to develop Channel Club in Tampa, FL. The 22-story Class-A multifamily high-rise tower includes 323 rental units totaling approximately 295,000 leasable square feet and a 7-story parking garage with 596 spaces. The project also includes construction of a 36,900 square foot Publix grocery store. The 2.26-acre site is located in the Channel District directly adjacent to Downtown Tampa, one of Tampa’s fastest growing multifamily submarkets.
The property is bordered by Twiggs Road, Meridian Avenue and Madison Street. It is adjacent to the Grand Central at Kennedy, a mixed-use condominium, office and retail property developed by Mercury Advisors, for which Canyon provided a $27.4 million non-recourse senior loan in June 2012.
“We are glad for the opportunity to team up with Canyon and Mercury as we break ground in one of the fastest-growing real estate markets in the region,” said Seth Greenberg, Chief Executive Officer of ECI Group. “The Channel Club is our third partnership with Canyon, and we look forward to continuing to invest and build together in the future.”
Brian West, Media and Community Relations Manager of Publix Super Markets said, “This project has been a long time coming. We’re very excited to see a tangible beginning, and our customers in the Channel District will be excited, as well. We’re looking forward to providing them with a more convenient Publix shopping experience.”
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 $6.1 billion of capital in over 240 commercial real estate and mortgage transactions with a total capitalization of $16.1 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 over $20.5 billion of assets. For more information visit: www.canyonpartners.com.
About ECI Group
For more than 40 years, ECI (www.ecigroups.com) has been recognized as one of the nation’s premier real estate firms in the development and management of a wide range of properties, from Class A luxury communities to commercial, mixed-use developments. With an excess of 10,000 units located throughout the Southeast and regional offices in Mississippi and Florida, ECI is strategically positioned to continue to be a leader of the multifamily industry.
About Mercury Advisors
With a combined experience of 46 years, Mercury Advisors’ team of professionals offers investment opportunities to both European and American investors. Through strategic alliances with leaders in banking, finance, market analysis, architecture, construction and property services, Mercury Advisors is able to evaluate, analyze and respond to opportunities in the commercial real estate market. For more information visit: www.mercury-advisors.com.
About Publix Super Markets
Publix is privately owned and operated by its 184,500 employees, with 2015 sales of $32.4 billion. Currently Publix has 1,128 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina. The company has been named one of Fortune’s “100 Best Companies to Work For in America” for 19 consecutive years. In addition, Publix’s dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company’s website, corporate.publix.com.
(914) 686 5599