Canyon, Blackstone: Look Who’s Trending In The Capital Markets
Private equity continues to gravitate to deals in commercial real estate.
Canyon Closes $450M CRE Debt Fund
LOS ANGELES–Canyon Partners has closed a real estate debt fund with more than $450 million in commitments from which it will originate senior and subordinate debt in US markets. “In today’s market, we are seeing opportunities to lend on high-quality real estate projects at particularly favorable risk/reward profiles,” Josh Friedman, co-founder of Canyon, said in a prepared statement, per Bloomberg.
Canyon’s real estate arm, which is headed by Robin Potts and Maria Stamolis, will oversee the new debt fund, according to Bloomberg, which cites such recent examples of the division’s activities as a $102.3 million bridge loan for a condo tower in Miami and a $63.5 million construction loan for a condo in Portland, Ore.
Blackstone Eyes New $20B Buyout Fund
NEW YORK CITY–Blackstone Group plans to start raising its next global private equity fund and will seek more than $20 billion, according to Bloomberg, which cited anonymous sources. Blackstone is the top private equity firm to invest in commercial real estate, having taken a number of REITs and commercial real estate companies private this year. In addition, its non-traded REIT, Blackstone Real Estate Income Trust, is reportedly raising an additional $10 billion over the $5 billion that it raised in its launch.
LCS Closes On $300M Senior Housing JV
DES MOINES–Senior housing operator LCS has closed on a $300 million equity senior housing joint venture with an unnamed institutional investor. The joint venture platform will invest in core, value add and development assets, including communities already operated by LCS, according to Joel Nelson, president and CEO of LCS. LCS Real Estate has completed more than $800 million in transactions since 2016, and currently has an ownership stake in 37 senior housing communities.