Canyon Partners Bolsters Holdings with $314M Loan Portfolio Acquisition
Los Angeles-based Canyon Partners Real Estate LLC acquired a $314 million loan portfolio, comprising six senior mortgage loans secured by multifamily, student-housing, self-storage and senior living properties. The collateral properties are diversified across geographic markets including California, Colorado, Rhode Island, Texas and Tennessee, and include assets which are in lease-up as well as fully stabilized.
Canyon’s Robin Potts says, “Commercial real estate lenders have generally not been active sellers of mortgages since the last cycle, but since March 2020, we have seen over $6 billion of commercial mortgages come to the market for sale as lenders reposition their balance sheets and portfolios following COVID-19. Speed and certainty of execution are critical to capturing these opportunities.”
The senior loans are floating-rate with three- to five- year terms inclusive of extension options and feature an average loan balance of roughly $50 million.
The unnamed seller was represented by Eastdil Secured in this transaction.
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