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Canyon-Johnson Invests in Nashville MXD Plan

NASHVILLE-This marks two firsts for the fund: its first deal with Crosland and its first investment in the metro area.

By Melissa Kress | Updated on October 11, 2007

NASHVILLE-One of the country’s most active urban funds has made its entrance into the metro market with Canyon-Johnson Urban Fund investing in the $65-million Terrazzo. The move also marks Canyon-Johnson’s first partnership with Charlotte, NC-based Crosland, Terrazzo’s developer.

The Los Angeles-based Canyon-Johnson Urban Fund is a JV between Canyon Capital Realty Advisors and Magic Johnson, CEO of Magic Johnson Enterprises. A CJUF spokesman could not be reached by deadline to find out the dollar figure of the fund’s investment into Terrazzo.

The 14-story Terrazzo is rising in the Gulch, an arts redevelopment district Downtown. Ground broke in March on what is being billed as the first LEED pre-certified green residential high rise in the Southeast. The project’s first four floors will feature retail and office, with 10 floors of condominiums above. All total, Terrazzo will contain 109 units with prices ranging from the $290,000s to $1.6 million per unit. Move-ins are slated for fall 2008.

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