NORTH MIAMI, Fla.--(BUSINESS WIRE)--Canyon Capital Realty Advisors LLC (Canyon) has provided a $42 million senior loan to Taubco, a South Florida real estate firm, secured by a Class A, 170,000 square-foot mixed-use office and retail property known as Causeway Square. Canyon’s loan proceeds enabled Taubco to purchase and restructure its existing mortgage, and will provide Taubco with funds to complete the lease-up and build-out of the remaining first generation office and retail space in North Miami.
Causeway Square features prominent office and retail tenants including LA Fitness, which occupies a full floor, Vitamin Shoppe and TotalBank, among others. Taubco is in active negotiations with prospective office and retail tenants that will enable the property to achieve stabilization in the near term.
“This was a compelling deal for Canyon based on the project’s prominent location, the strength of the local market and most importantly, the developer’s reputation for delivering top-tier commercial projects,” said Jonathan Roth, Principal of Canyon Capital Realty Advisors. “Causeway Square is a high quality project that is poised to capture the growing office and retail demand in North Miami.”
Causeway Square is located on the northeast corner of 123rd Street and Biscayne Boulevard in North Miami, along a major retail and commercial corridor. Situated on the only causeway within a three mile radius connecting North Miami to Bal Harbour and Miami Beach, the project benefits from strong traffic visibility. Approximately 76,000 vehicles pass by the property each day. Causeway Square is also one block from the newly opened Whole Foods on Biscayne Boulevard, and directly across the street from Causeway Plaza, a shopping center anchored by Ross, Walgreens and West Marine, among others.
“This transaction exemplifies Canyon’s ability to quickly underwrite a loan that required creative structuring,” said Roth, “We are pleased to provide the capital necessary to enable Taubco’s timely purchase of their existing debt and to facilitate the continued success of Causeway Square’s lease-up and stabilization.”
“We appreciate the Canyon team’s ability to close this complex transaction quickly,” said Irwin Tauber, Principal at Taubco. “The financing provides us with the structure and the time needed to execute our business plan of continuing to secure additional retail and office tenants that will be significant assets to the local community.”
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (CCRA) is the real estate direct investing arm of Canyon Partners, LLC. Canyon Partners and its affiliates, including Canyon Capital Advisors, CCRA and ICE Canyon, are investment management firms and registered investment advisors headquartered in Los Angeles, California, with approximately $23 billion in assets under management. CCRA’s investment platforms include: (a) the Canyon-Agassi Charter School Facilities Fund, a joint venture with Andre Agassi focusing on the development of learning friendly, environmentally responsible charter school facilities for best in class charter school operators, (b) Canyon’s Urban Investment funds including the Canyon-Johnson Urban Funds, a series of closed-end real estate funds and joint venture with Earvin “Magic” Johnson focusing on inner-city and urban real estate development, (c) The Canyon Catalyst Fund, a joint venture with the California Public Employee’s Retirement System (CalPERS), aimed at developing the next generation of emerging real estate managers, and (d) the Canyon Value Mortgage Funds, which originate and/or purchase senior and mezzanine mortgage debt.