Press Releases
CANYON-JOHNSON URBAN FUND BREAKS GROUND FOR MIXED-USE CONDOMINUM PROJECT IN BROOKLYN'S PARK SLOPE
LOS ANGELES, April 15, 2003 - The Canyon-Johnson Urban Fund, L.P. (CJUF) and New York developer Anderson & Associates announced today that they have broken ground on the Park Place Condominiums, an approximately 90,000 square foot mixed use urban project located at 145 Park Place, in the heart of Brooklyn's Park Slope district. When complete, the project will consist of 47 market-rate residential condominiums, approximately 4,500 square feet of ground-level retail space, and a 25-stall underground parking structure.
The eight-story building, which is being designed to reflect the character of the neighborhood, will sit on the site of the former auditorium of the Brooklyn Tabernacle and will also include the air rights purchased from an existing adjacent commercial building. Once completed, the building will retain portions of the existing structure and have elements of the original design integrated into its facade.
The Park Place Condominiums will cater to the urban professional seeking market rate housing in a prime location. The building, which will sit between Park Place and Flatbush Avenue, is within steps of the IND subway line and a block from the IRT lines - making it a desirable location for buyers looking for a quick and easy commute to lower Manhattan. Additionally, Park Place is located two blocks from Brooklyn's historic Prospect Park, and within walking distance of the Brooklyn Zoo, the Botanical Gardens and many shops and restaurants located on 7th Avenue --the main artery of the Park Slope neighborhood.
The project, which is the fourth acquisition for CJUF, represents the Fund's on-going mission to provide equity capital for the revitalization and redevelopment of urban neighborhoods such as Park Slope. "CJUF continues to target urban markets such as Brooklyn, NY to identify worthwhile projects that address the clear shortage of retail, residential, and commercial development in those areas," said Earvin "Magic" Johnson, Chairman & CEO of Johnson Development Corporation and Managing Director of CJUF.
"The Park Place Condominiums transaction is a tremendous project for the Fund as it epitomizes the urban opportunity and holds great promise both for the economic returns we hope to achieve and for what it will bring to the community," added Bobby Turner, Co-Managing Partner of the Canyon-Johnson Urban Fund and Managing Partner of Canyon Capital Realty Advisors.
"We are pleased that the Park Place Condominium project is the Fund's first investment in New York, and we look forward to making an even greater impact in the community," said Ken Lombard, Co-Managing Partner of Canyon-Johnson Urban Fund.
The principals of CJUF recognize the importance of teaming with local development partners who know urban markets. Anderson Associates, LLC was chosen as CJUF's partner on the Park Place project because Anderson has historically addressed the challenges of Brooklyn neighborhood revitalization. Anderson's experience lies in the acquisition, financing, architecture and construction management of select properties throughout the borough of Brooklyn. Since 1986, Anderson Associates has successfully developed fourteen residential projects. These projects have ranged from the 71-unit Ariana, a factory/loft conversion in Brooklyn's Cobble Hill, to the 22-unit restoration of the Old Public School 9 building in Brooklyn's Prospect Heights. When asked, Tom Anderson, President of Anderson Associates said, "We couldn't be happier to be in partnership with the Canyon-Johnson Urban Fund, one of the nation's premier urban real estate investment funds, and participate in the expansion of providing high quality housing in urban areas that have historically been underserved."
About CJUF
Canyon-Johnson Urban Fund, L.P., a partnership between Canyon Capital Realty Advisors LLC and Johnson Development Corporation, is the nation's largest urban real estate fund. With nearly $300 million of committed equity capital, the Fund is in a position to facilitate over $1 billion of development and revitalization in the major U.S. metropolitan markets. The Fund's investment strategy is to identify, enhance and capture value through the development, redevelopment, acquisition and repositioning of urban real estate and the origination of mortgages secured by urban real estate. In addition to meeting its investment objectives, the Fund intends to provide and foster economic opportunities for the underserved residents of the urban neighborhoods in which it invests. Additional information may be found at http://www.cjuf.com or email: info@cjuf.com
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Steve Sugerman
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