Dealmaker: Canyon Partners Invests $54M in Los Angeles

Canyon Partners Real Estate LLC, Los Angeles, invested $53.6 million in two Los Angeles properties under development.

The firm provided a $21.6 million senior construction loan to develop a 35-unit Class A condominium project on Sunset Boulevard in the city’s Silver Lake neighborhood.

The project, being developed by a joint venture between Barth Partners, Los Angeles, and Barry Leddy Developments, Dublin, Ireland, will be the first new condominium development to deliver along this Sunset Boulevard submarket in more than 10 years. It will occupy a 0.37-acre site at the intersection of Sunset Boulevard and Micheltorena Avenue near downtown Los Angeles and Hollywood.

“Silver Lake continues to be one of the most desirable neighborhoods in Los Angeles but has been supply-constrained for a decade,” said Barth Partners Founding Partner  Justin Barth.

Canyon Partners Real Estate also provided $32 million of preferred equity to a Camden Securities Co. affiliate to develop the NoHo L&O, a Class-A mixed-use property in Los Angeles’ North Hollywood Arts District. Upon completion, the seven-story midrise property will include 297 multifamily units with a Whole Foods Market 365 on the ground floor. The two-acre site at the intersection of Lankershim Boulevard and Otsego Street is in one of Los Angeles’s fastest-growing urban centers.

“Demand for quality multifamily rental housing in the dynamic North Hollywood submarket continues to grow,” said Camden Securities Co. CEO Adam Heine. The San Fernando valley Business Journal reported that the venture acquired the site for $19.4 million in 2015.

In the past five years, Canyon has deployed more than $992 million in 43 investments across California through senior loans, mezzanine loans, preferred equity and equity, with more than $315 million of investments in metro Los Angeles.