Canyon acquires portfolio of senior mortgages

Canyon Partners Real Estate has acquired a portfolio of six senior mortgages totaling $ 314 million from a seller represented by Eastdil Secured, a spokesperson confirmed.

Senior loans are secured by collective housing, student housing, warehouses, and senior residences in California, Colorado, Rhode Island, Texas, and Tennessee. They are variable rate with terms of three to five years and have an average loan balance of around $ 50 million.

“We are satisfied with the high quality nature of this loan portfolio acquisition and the diversification it offers to our debt portfolio, which is active in both note acquisitions and directly issued debt,” said Robin Potts, co-head of real estate at Canyon. investments and director of acquisitions, in a press release. “Commercial real estate lenders have generally not been active sellers of mortgages since the last cycle, but since March 2020 we have seen over $ 6 billion in commercial mortgages put up for sale in the market as lenders are repositioning their balance sheets and portfolios after COVID-19. “

The transaction, which closed in October, took Canyon’s unrealized real estate portfolio to $ 5.5 billion.

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