'Magic' JV Touts Miami AH Investment

The Canyon-Johnson Urban Fund, a joint venture between Canyon Capital Realty Advisors and basketball legend Earvin "Magic" Johnson, has announced an investment in Miami's Little Havana neighborhood aimed at providing retail stores and affordable housing for middle-income individuals and families.The Los Angeles-based fund said the investment is being made through a partnership with mFm Construction Corp., a local developer. The Morrison mixed-use development, the largest in Little Havana's history, will provide public employees such as firefighters, police officers, nurses, and teachers a chance to buy an affordable downtown residence, the fund said. Mr. Johnson said Miami Mayor Manny Diaz and the city "stepped up big-time to help bring workforce housing to city workers and others who love Miami but couldn't afford to live there." The fund can be found online at http://www.cjuf.com.