Canyon Partners Real Estate acquired a portfolio of six senior mortgage loans totaling $314 million from a seller represented by Eastdil Secured, a spokeswoman confirmed.
The senior loans are secured by multifamily, student housing, self-storage and senior living properties in California, Colorado, Rhode Island, Texas and Tennessee. They are floating-rate with three- to five- year terms and feature an average loan balance of roughly $50 million.
"We are pleased with the high-quality nature of this loan portfolio acquisition, and the diversification that it provides our debt portfolio, which is active in both note acquisitions and directly originated debt," said Robin Potts, Canyon's co-head of real estate investments and director of acquisitions, in a news 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 of commercial mortgages come to the market for sale as lenders reposition their balance sheets and portfolios following COVID-19."
The transaction, which closed in October, increased Canyon's unrealized real estate portfolio to $5.5 billion.
