(Read more on the debt and equity markets andthe multifamilymarket .)

|

HALLANDALE, FL-Locally based SunVest Communities USA LLC hasreceived a $35-million loan to refinance and acquire existingsenior and mezzanine debt collateralized by more than 2,100multifamily units with 12 condominium conversion developments inFlorida, Arizona and Nevada. The financing was provided by BeverlyHills, CA-based Canyon Capital Realty Advisors.

|

This is the first loan Canyon has provided SunVest, whichacquired the properties during 2005 and 2006, and renovated andconverted the units from apartments to condominiums. Sincecompletion of the condominium conversions, more than 50% of theunits have been sold. The remaining units are currently beingoffered for sale or lease.

|

Canyon Capital Realty Advisors principal Jonathan Roth tellsGlobeSt.com that the properties were originally acquired with aseries of senior loans, mezzanine loans and equity provided bySunVest. With the current loan, a portion of the mezzanine loanswas acquired and the debt was restructured. "The loans wererestructured so that the borrower can further its business plansfor the units," he says.

|

The properties were built between 1984 and 2003 as apartmentdevelopments with more than 4,700 units. The Florida properties arelocated in Orlando, Coral Springs, Miami and Tampa within thecommunities known as Eaglewood, Regency Gardens, Hawthorne Village,Harbor Point, Edgewater, Mediterranean Village and Enclave. TheArizona properties are located in Phoenix within the communitiesknown as Mountain Canyon, Red Rox and Citi on Camelback. The Nevadaproperties are located in Las Vegas within the communities known asTraverse Point and Pinehurst.

|

Roth says the loan is consistent with Canyon's philosophy ofinvesting in work force housing projects. "The units that areselling can be classified as work force housing," he says. "Thereis still a vibrant demand for this type of housing."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.