LOS ANGELES-Canyon-Johnson Urban Funds expects to begin marketing units late this month at the Barn Lofts, a live-work project at 940 E. Second St. in Downtown L.A. that was stalled before the L.A.-based venture took it over last year. CJUF, a joint venture between Canyon Capital Realty Advisors and an affiliate of Magic Johnson Enterprises, has tapped residential brokerage firm Deasy Penner & Partners to lead the sales and marketing effort for the project.
The Barn Lofts consists of 38 live-work townhomes in a former warehouse building in the Downtown L.A. Arts District. Unit prices will start in the high-$400,000 range.
After taking ownership of the property in late 2010, Canyon engaged a team, including R.D. Olson and Rockefeller Partners Architects, to complete the revitalization of the historic property that was first built in 1906 as a beet sugar warehouse for the Spreckels Sugar Co. In addition, Canyon has retained the original developer, the Borman Group, as an adviser to the project.
According to a GlobeSt.com report in November 2007, the Borman Group secured a $19.6 million construction loan from a San Francisco-based bank to finance the Barn Lofts, a 75% loan-to-cost financing. The warehouse was earlier renovated in 1982 to accommodate artists’ studios and offices, and in 2007 the building was completely gutted, but construction stalled in mid-2008 due to the economic downturn.
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