Loans – Canyon Companions Actual Property Bolsters Portfolio with $314M loan Portfolio Acquisition
LOS ANGELES, Nov. 23, 2020 /PRNewswire/ — Canyon Companions Actual Property LLC (“Canyon”) immediately introduced the acquisition of a $314 million loan portfolio, comprising six senior mortgage loans secured by multifamily, student-housing, self-storage and senior residing properties. The vendor was represented by Eastdil Secured on this transaction.
The senior loans are floating-rate with 3- to 5- yr phrases inclusive of extension choices and have a mean loan stability of roughly $50 million. The collateral properties are diversified throughout geographic markets together with California, Colorado, Rhode Island, Texas and Tennessee, and embody belongings that are in lease-up in addition to totally stabilized.
“We’re happy with the top quality nature of this loan portfolio acquisition, and the diversification that it offers our debt portfolio, which is energetic in each observe acquisitions and straight originated debt,” stated Robin Potts, Canyon’s Co-Head of Actual Property Investments and Director of Acquisitions. “Business actual property lenders have usually not been energetic sellers of mortgages for the reason that final cycle, however since March 2020, we’ve got seen over $6 billion of economic mortgages come to the marketplace for sale as lenders reposition their stability sheets and portfolios following COVID-19. Pace and certainty of execution are vital to capturing these alternatives.”
Canyon invests throughout the capital construction in each actual property debt and fairness, and opportunistically acquires each performing and non-performing secondary market positions. Since inception, Canyon has accomplished $2.zero billion of secondary market observe acquisitions.
The transaction closed in October, growing Canyon’s unrealized actual property portfolio to roughly $5.5 billion of venture capitalizations.
About Canyon Companions Actual Property LLC
Based in 1991, Canyon Companions Actual Property LLC® (“Canyon”) is the true property direct investing arm of Canyon Companions, LLC, a world different asset supervisor with over $25 billion in belongings below administration. Over the past ten years, Canyon has invested greater than $5.6 billion of debt and fairness capital throughout over 200 transactions capitalizing roughly $14.7 billion of actual property belongings, specializing in debt, value add, and opportunistic methods. With 29 years of expertise, Canyon has established a broad menu of funding capabilities spanning property sorts, US areas, and venture levels (together with improvement, transitional, and distressed/exercises). For extra data go to: www.canyonpartners.com
SOURCE Canyon Companions LLC