Bobby Turner, the fund's managing partner, says Canyon-Johnson capped the fund at $600 million despite receiving more than $1 billion in interest. The investors in the new fund include the California State Teachers' Retirement System as well as other pension funds, endowments, foundations and investment companies from throughout the nation. With the closing next month, the Canyon-Johnson Urban Funds expect to be in a position to facilitate more than $3 billion of urban development and redevelopment.
The first Canyon-Johnson fund financed $1.25 billion of development around the country, including retail, residential, mixed-use, commercial and industrial projects in Atlanta, Baltimore, Brooklyn, Chicago, Cleveland, Las Vegas, Los Angeles, Miami, Milwaukee and San Diego. The projects were developed through Johnson's corporate partnerships with Loews Cineplex Entertainment (Magic Johnson Theaters), Starbucks Coffee Co., Burger King, 24-hour Fitness and Washington Mutual.Among the first fund's investments were the Sunset + Vine retail and housing project in Hollywood, the Midtown Center retail development in Milwaukee, the Downtown Dadeland condominium and retail project in Miami and the State Place condo and retail redevelopment in Chicago.
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