CMIF III Fund Makes First Acquisition

The Anaheim investment will benefit from Canyon Partners’ capital-improvement program.

ANAHEIM, CA—Canyon Partners Real Estate LLC has made its first acquisition through Canyon Multifamily Impact Fund III LLC, a joint venture between Canyon and CIT Bank, N.A. Canyon has acquired a leasehold interest in Coronado Palms, a 169-unit apartment community here, with CIT Bank’s real estate finance business providing an approximately $25-million senior secured loan to fund the acquisition.

Canyon declined to comment further to GlobeSt.com on its capital-improvement plan for the property, and GlobeSt.com was unable to determine the name of the seller before deadline. According to Mike Pedone, managing director of CIT, “The acquisition of Coronado Palms is a perfect example of CIT’s commitment, in conjunction with Canyon Partners, to bringing quality affordable housing to working families in Southern California. Its proximity to transit, employment, education and healthcare make it an ideal location, and our capital-improvement plan will enhance the property through targeted building upgrades that help enrich the quality of life for its residents.”