HUNTINGTON BEACH, CA—Canyon Capital Realty AdvisorsLLC has begun funding of a $37-million mezzanineconstruction loan to DJM Capital PartnersInc. to complete the construction and lease-up of Pacific City, a 191,100-square-footdestination lifestyle center here. CCRA is the real estatedirect-investing arm of Canyon Partners LLC.
“We are excited to work with Canyon Realty on this complextransaction,” says Eric Sahn, SVP and CFO of DJM.“We look forward to continuing our relationship in the future.”
As GlobeSt.com reported exclusively in June,construction on Pacific City received a boost fromGeorge Smith Partners when the commercialreal estate investment-banking firmarranged $93 million in non-recourse constructionfinancing for the project on behalf of DJM. The financingtransaction, arranged by GSP principal and managing directorSteve Bram and SVP David Pascale,consisted of a $56.5-million senior loan and the $37-millionmezzanine loan mentioned above. Very minimalpre-leasing was required for funding of thecenter, which is set to open Summer 2015.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
