Mortgage – Canyon acquires senior mortgage loan portfolio
Canyon Companions Actual Property acquired a portfolio of six senior mortgage loans totaling $314 million from a vendor represented by Eastdil Secured, a spokeswoman confirmed.
The senior loans are secured by multifamily, pupil housing, self-storage and senior dwelling properties in California, Colorado, Rhode Island, Texas and Tennessee. They’re floating-rate with three- to five- yr phrases and have a median loan steadiness of roughly $50 million.
“We’re happy with the high-quality nature of this loan portfolio acquisition, and the diversification that it supplies our debt portfolio, which is energetic in each observe acquisitions and instantly originated debt,” mentioned Robin Potts, Canyon’s co-head of actual property investments and director of acquisitions, in a information launch. “Industrial actual property lenders have typically not been energetic sellers of mortgages for the reason that final cycle, however since March 2020, we have now seen over $6 billion of economic mortgages come to the marketplace for sale as lenders reposition their steadiness sheets and portfolios following COVID-19.”
The transaction, which closed in October, elevated Canyon’s unrealized actual property portfolio to $5.5 billion.