NASHVILLE-One of the country's most active urban funds has madeits entrance into the metro market with Canyon-Johnson Urban Fundinvesting in the $65-million Terrazzo. The move also marksCanyon-Johnson's first partnership with Charlotte, NC-basedCrosland, Terrazzo's developer.

The Los Angeles-based Canyon-Johnson Urban Fund is a JV betweenCanyon Capital Realty Advisors and Magic Johnson, CEO of MagicJohnson Enterprises. A CJUF spokesman could not be reached bydeadline to find out the dollar figure of the fund's investmentinto Terrazzo.

The 14-story Terrazzo is rising in the Gulch, an artsredevelopment district Downtown. Ground broke in March on what isbeing billed as the first LEED pre-certified green residential highrise in the Southeast. The project's first four floors will featureretail and office, with 10 floors of condominiums above. All total,Terrazzo will contain 109 units with prices ranging from the$290,000s to $1.6 million per unit. Move-ins are slated for fall2008.