LOS ANGELES & HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Canyon Capital Realty Advisors LLC (Canyon Realty) has commenced funding of a $37 million mezzanine construction loan to an affiliate of DJM Capital Partners, Inc. (DJM), to complete the construction and lease-up of a 191,100 square foot destination lifestyle retail center known as Pacific City in Huntington Beach, CA.
Pacific City is located in the heart of Huntington Beach, adjacent to the downtown area and directly facing the world-famous Pacific Coast Highway. Pacific City is also directly across from the world-famous Huntington Beach Pier, a landmark attracting millions of visitors each year and home to the annual U.S. Open of Surfing. “We are thrilled to provide the financing for this exciting project, which will draw members of the affluent local Huntington Beach community and visitors from throughout the region to shop, dine, exercise, and gather in a truly unique beachfront environment,” said Charlie Rose, Director of Canyon Realty. “With an adjacent boutique hotel and high-end residential development also under way, Pacific City will transform the surrounding community.”
“Canyon looks to establish long-term relationships with best-in-class developers, and as such we are thrilled to back DJM on this exciting project. DJM is a premier retail owner and operator in Southern California, and consistently delivers industry-leading properties,” said Rose.
DJM owns and manages over 2 million square feet of retail and office property, with major assets including Bella Terra Shopping Center, La Habra Marketplace and Village Del Amo. DJM is also redeveloping Lido Marina Village, a 128,000 square foot boutique retail property and adjoining 47-slip marina located in Newport Beach, California.
Construction of Pacific City began in the fourth quarter of 2013, with an opening scheduled for summer 2015. Upon completion, Pacific City will include an approximately 29,000 square foot health club, 116,000 square feet of shop space and 45,000 square feet of restaurant space. Pacific City will also be home to Lot 579, a marketplace location similar to Chelsea Market in New York City or the Ferry Building Marketplace in San Francisco, which will sell produce, prepared foods and retail products. The property is pre-leased to tenants including Equinox and Bear Flag Fish Company. Pacific City is located immediately adjacent to an upscale 250-room hotel being developed by Pacific Hospitality Group and R.D. Olson Development.
“We are excited to work with Canyon Realty on this complex transaction. Their expertise in structuring and ushering complex transactions across the finish line has already been key to the success of Pacific City,” said Eric Sahn, Senior Vice President and CFO of DJM. “We look forward to continuing our relationship in the future.”
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (http://www.canyoncapitalrealtyadvisors.com/) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $24 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $6.0 billion of investments involving commercial real estate and mortgage assets with a total value of over $14.9 billion.
About DJM Capital Partners, Inc.
DJM Capital Partners, Inc. (http://djmcapital.com/) provides private equity investment, development and asset management services within the real estate sector. With a core strength in retail combined with expertise in office, industrial and residential product types, DJM's superior market knowledge and strategic acquisition of undervalued assets is represented by a current portfolio of over 2 million square feet. Additionally, a forward-looking development slate represents another 310,000 square feet with an estimated total portfolio asset value of $1 billion.
By finding creative solutions to complex situations involving underperforming or improperly capitalized assets, DJM creates incremental value through skilled repositioning, architectural enhancement, savvy leasing and keen operational know-how.
Focused on quality, integrity and long-term investor relationships, DJM is continually redefining what it means to successfully INVEST.