Press Releases
CANYON-JOHNSON URBAN FUND FINANCES DEVELOPMENT OF 130 CONDOMINIUMS IN GREENPOINT NEIGHBORHOOD OF BROOKLYN
-- Deal marks Canyon’s fifth investment in New York, totaling more than $105 million in capital --
BEVERLY HILLS, Calif. (March 7, 2007) - The Canyon-Johnson Urban Fund has provided $12.4 million in mezzanine financing to New York City developer Green Street Development LLC for the ground-up construction of 110 Green Street Condominiums, a 130-unit, full-service six-story building with 67 on-grade parking spaces in the Greenpoint neighborhood of Brooklyn.
The property is located in a transit-oriented, pedestrian-friendly area, two blocks from the waterfront and one block east of Manhattan Avenue, a bustling neighborhood filled with restaurants, boutiques, retail outlets and entertainment venues.
The Bank of New York has provided a $41 million senior loan for the construction of the project.
“The Green Street transaction is consistent with Canyon’s continued desire to capitalize quality residential and mixed-use projects in New York,” said Bobby Turner, Managing Partner of Canyon-Johnson Urban Fund. “We are confident that this residential development will bring increased vitality and value to this well-established neighborhood in Brooklyn.”
Earvin “Magic” Johnson added, “We are believers in Brooklyn as a place that is economically growing, healthy, entertaining and the place to be. By bringing high-quality residential space to Greenpoint, Canyon-Johnson is adding to the revitalization of the already vibrant Brooklyn community.”
In the past four years, Canyon and its affiliates have provided both debt and equity for several high-profile mixed-use developments in New York City, including the acquisition of a large land parcel in the West Chelsea district intended for mixed-use, the acquisition of 369-371 Broadway in Manhattan, which is planned for a 17-story condominium project, and the development of One Hanson Place in the landmark Williamsburg Savings Bank Building in Brooklyn.
110 Green Street Condominiums will incorporate amenities that surpass any other development in its locale. Amenities will include a full-time doorman, concierge, fitness center, library, pool, central garden, staffed playroom and bike/stroller storage.
The development will feature views of Manhattan from its upper floors, roof decks and private balconies. Units will be comprised of one-, two- and three- bedrooms offering floor-to-ceiling windows, wireless internet access, as well as premium kitchen and bathroom fixtures and appliances. The homes are designed to appeal to a diverse and growing group of single working individuals and young families currently priced out of Manhattan and other more expensive neighborhoods.
“Green Street has seized a terrific opportunity to introduce homebuyers to affordable living in the Greenpoint neighborhood of Brooklyn with all the amenities one would expect in a Manhattan high-rise,” said Christopher Gregg, Vice President at Bank of New York. “We are delighted to work in partnership with Earvin “Magic” Johnson, Bobby Turner and their team at Canyon on this deal.”
Joseph Treff, a principal of Green Street Development, said, “Canyon assembled an expert team that was able to quickly fund a complex transaction in order to make this development a reality. Their knowledge of the New York marketplace, and Brooklyn in particular, proved invaluable in closing this loan.”
Green Street Development has retained a strong development team for Greenpoint Condominiums. The general contractor is European Builders, who also served as general contractor for the Gretch, a landmark condominium conversion in Williamsburgh, Brooklyn. Meltzer/Mandl Architects are the architects for the project.
110 Green Street Condominiums is currently under construction and the developer expects to begin pre-selling units this summer. The first residents are expected to occupy their units in June 2008.
About Canyon-Johnson Urban Funds
The Canyon-Johnson Urban Funds (CJUF) are the country’s largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and Earvin “Magic” Johnson’s Johnson Development Corporation, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. The Funds’ objectives are to seek current income and capital appreciation and, in addition to meeting investment goals, the funds are committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which CJUF invests. With nearly $1 billion in committed equity capital, the funds are positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas. For more information, visit www.cjuf.com.
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Media Contact:
Steve Sugerman or Kristen Coco
310-689-7539
kristen@sugermangroup.com
www.sugermangroup.com
