NEW YORK CITY-Returning to an area that saw frequent investmentby the Canyon-Johnson Urban Funds at the height of the market, CJUFhas stepped in to help bring a Brooklyn condominium project tocompletion. The Los Angeles-based joint venture of Canyon CapitalRealty Advisors and an entity of Magic Johnson Enterprises isproviding a $22.6-million loan to the developers of the Isabella, a63-unit condo project at 545 Washington Ave. in Brooklyn’s ClintonHill section.

CJUF’s loan to OL Washington LLC, an affiliate of Garden City,NY-based Ornstein & Leyton Co., will be used to acquireexisting construction and mezzanine loans and to completeconstruction on the project. It will also help launch an activesales and marketing campaign later this year; the Corcoran Grouphas been engaged to market units for sale upon completion of theproperty.

“CJUF has years of experience and a number of investments inBrooklyn,” Bobby Turner, managing partner of CJUF, says in astatement. “We know this area well, and we are thrilled tocontribute to the continued growth and revitalization of thiscommunity.”