Canyon's acquisition financing was used to bridge government-sponsored agency financing for the $28-million purchase. Falcon Square opened two years ago and is 86% occupied.
Late last year, Falcone was given the opportunity to pay off its senior construction loan at a substantial discount prior to Dec. 31. A new joint-venture partnership including Falcone, DeBartolo and Boca Raton-based Duncan Hillsley Capital LLC satisfied the property's construction debt obligation.
"Over the past six months, we have seen lenders become increasingly receptive to discounted payoffs provided that sponsors can demonstrate the ability to close quickly with all cash," says Jonathan Roth, Canyon principal. Canyon has significant experience in financing and developing multifamily assets, completing at least 50 transactions with $850 million of invested capital.
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