A big Los Angeles financier is making a splash in Miami’s real estate market, closing a $124 million construction loan for a Brickell condominium tower and working toward its next deal on a nearby tower.
Canyon Capital Realty Advisors LLC was active during the last real estate boom, planning a project at the intersection of Southwest First Street and Seventh Avenue in Miami, for which the company borrowed $85 million from Citibank. When the recession stalled that venture, the company turned its sights to strategic acquisitions, notably buying the foreclosed note to the 26-acre Intracoastal Mall in North Miami Beach.
