LOS ANGELES--(BUSINESS WIRE)--Canyon Capital Realty Advisors LLC (Canyon Realty), a real estate investment firm, has closed on the financing and made the initial funding of a $53-million senior construction loan for a mixed-use mostly residential project in a growing neighborhood near the University of Michigan campus in Ann Arbor.
Developed by an affiliate of The Harbor Companies of Bloomfield Hills, Mich., Packard Square will include 249 residential units with high-end amenities and 23,500 square feet of ground floor retail on a 6.5-acre site on Packard Street, less than 1.5 miles from the university.
“We are pleased to provide the financing for Packard Square, which will provide highly amenitized housing to a supply constrained housing market that has proven to maintain high occupancy even in recessionary environments,” said Marti Page, director of Canyon Realty. “Proximity to a premier university and to Ann Arbor’s vibrant downtown, coupled with the quality of the development itself, make this a fantastic place to live."
As part of the development, Packard Square will also create a new playground for use by all of the City's residents, and the project is contributing another $50,000 for the City's parks.
“We are excited to work with Canyon Realty on this transaction. Their deep understanding of the local market and ability to execute complex transactions was essential to us,” said Craig Schubiner, managing member of The Harbor Companies. “We look forward to continuing our relationship with Canyon in the future."
"We are also thrilled to be building a state-of-the-art mixed-use development in Ann Arbor. Packard Square's long list of amenities will elevate apartment living to a level never before seen in this wonderful city. Our development team, comprised of more than 20 respected firms, is so grateful to have worked closely with the professional staffs and elected officials at the City, County, Michigan Department of Environmental Quality and State for many years to craft Packard Square," said Schubiner.
In addition to the on-site retail amenities, the contemporary, four-story Packard Square will have high ceilings, premium finishes such as Caesarstone countertops, multiple elevators, an enclosed interior parking garage and six-foot tall windows to maximize views and natural light. Packard Square's residents will enjoy the 25-yard outdoor swimming pool, whirlpool, surround sound movie theater, high-end fitness center overlooking the pool, massage room, yoga studio, demonstration kitchen, gaming areas, luxurious resident lounge, meeting rooms and indoor and outdoor fireplaces.
Automated package delivery systems, electronic door locks, separate trash chutes for recyclables, electric car charging stations, secure bike areas, contemporary energy-efficient lighting and adjacent city bus stops will set a new high bar for Ann Arbor living.
Construction is slated to commence by the end of 2014 for a 2016 delivery. Retail leasing is being overseen by Randy Thomas of Insite Commercial. "Nearby residents have enjoyed a diverse group of stores on this site for decades and we are committed to bringing a strong mix of retailers back to this important location," Thomas said.
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 headquartered in Los Angeles, with approximately $25 billion in assets under management.
Canyon Realty focuses 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 $4.7 billion of investments involving commercial real estate and mortgage assets with a total value of over $12.9 billion.
About The Harbor Companies
The Harbor Companies (http://harborcos.com) is a diversified real estate investment, development, and management organization founded in 1988. Harbor has completed the acquisition, construction and/or development of more than 50 different multi-family, retail, office and industrial properties in excess of $500 million including over 2 million square feet of space.