Canyon Capital Realty Advisors Provides $35.0 Million Loan Collateralized by over 2,100 Multi-Family Units in Florida, Arizona and Nevada
BEVERLY HILLS, Calif.--(Business Wire)--Canyon Capital Realty Advisors funded a $35.0 million loan to
refinance and to acquire existing senior and mezzanine debt
collateralized by over 2,100 multi-family units within twelve
garden-style condominium conversion developments located in Florida,
Arizona and Nevada. The condominiums are owned by SunVest Communities
USA, LLC and its affiliates, a real estate development company
headquartered in Hallandale, Florida.
The multi-family properties were built between 1984 and 2003 as
apartment developments with over 4,700 units. SunVest acquired the
properties during 2005 and 2006, and successfully renovated and
converted the units from apartments to condominiums. Since completion
of the condominium conversions, SunVest has sold over 50% of the
portfolio units. The remaining units within the SunVest portfolio are
currently offered for sale and for lease.
"SunVest continues to successfully close on sales of units as part
of their condominium conversion sales strategy," said Jonathan Roth,
Principal of Canyon. "In addition, SunVest's properties are located
within strong rental markets and are therefore well-positioned to
weather the slowdown in the for-sale housing market by capturing
increased rental demand."
The Florida properties are located in Orlando, Coral Springs,
Miami and Tampa within the communities known as Eaglewood, Regency
Gardens, Hawthorne Village, Harbor Point, Edgewater, Mediterranean
Village and Enclave. The Arizona properties are located in Phoenix
within the communities known as Mountain Canyon, Red Rox and Citi on
Camelback. The Nevada properties are located in Las Vegas within the
communities known as Traverse Point and Pinehurst.
SunVest has a successful 29-year track record in operating,
repositioning and converting apartments and hotels to condominiums.
Since inception, SunVest has sold over 20,000 units in over 100
developments in Florida, Las Vegas, Arizona, Colorado and Texas.
SunVest is managed by Harvey Birdman, Louis Birdman and Herb Hirsch.
"We are thrilled with the closing of this highly complex
transaction and to form a relationship with SunVest," said Bobby
Turner, Managing Partner of Canyon. "This deal is consistent with
Canyon's investment philosophy of providing capital to experienced
real estate operators for assets that have substantial downside
protection."
About Canyon Capital Realty Advisors
Canyon Capital Realty Advisors LLC and its affiliate Canyon
Capital Advisors LLC are registered investment advisors and money
management firms based in Beverly Hills, Calif., with more than $19.0
billion of capital under management. Canyon's real estate activities
focus on providing debt and equity capital to real estate owners,
operators, developers, corporations and entrepreneurs, enabling them
to participate in transactions that would have traditionally eluded
them due to capital constraints.
Canyon has built its reputation on creative underwriting and
structuring, reliable commitments, overall professionalism and timely
closings. Canyon's real estate funds include the Canyon Value Mortgage
Fund, the Canyon Value Opportunity Fund and the Canyon-Johnson Urban
Funds, a joint venture with Earvin "Magic" Johnson focused on the
development of retail and residential properties in densely populated,
ethnically diverse communities. For more information on the company,
visit their website at www.canyonpartners.com.
for Canyon Capital Realty Advisors
Steve Sugerman or Kristen Coco, 310-689-7539
kristen@sugermangroup.com
Copyright Business Wire 2007
