Canyon-Johnson Closes $1B RE Fund

The Canyon-Johnson Urban Fund, a partnership of Canyon Capital Realty Advisors and former basketball star Earvin "Magic" Johnson, have announced the closing of a $1 billion real estate development fund. The fund, Canyon-Johnson Urban Fund III, will focus on the acquisition, development, redevelopment, and repositioning of real estate in "densely populated, ethnically diverse neighborhoods with strong market fundamentals for retail and housing," Canyon-Johnson said. The fund received commitments from public and private pension funds, endowments, foundations, and investment companies. "In addition to meeting its financial bottom-line investment objectives, CJUF III will seek to provide and foster economic opportunities for underserved residents of the urban neighborhoods in which it invests and to enhance the environment by pursuing [Leadership in Energy and Environmental Design] certifications and supporting transit-oriented housing that helps to reduce traffic and accompanying admissions," the partnership said. CJUF can be found online at http://www.cjuf.com.