LOS ANGELES, CA - Canyon Capital Realty Advisors LLC has provided a $15.0 million mezzanine construction loan to a partnership of Oaxaca Interests LLC, led by Brent Jackson, and Wood Partners for the development of Sylvan | Thirty, a fully-entitled mixed-use project comprised of 201 residential units and 49,134 square feet of retail space on 6.34 acres in Dallas, Texas.
When complete, Sylvan | Thirty, located at the intersection of I-30 and Sylvan Avenue, is expected to be a community hub for North Oak Cliff and West Dallas. Already, Cox Farms Market has signed a lease to locate there, as has Matador Meat & Wine, Teiichi Fish Market, Pearl Cup Coffee and Sync Yoga. The development team expects to complete the first retail building and initial phase of residential properties by the end of this year.
“Canyon is pleased to provide the necessary financing to kick start construction on Sylvan | Thirty, a high quality development we believe will become a hub of activity in this area of Dallas. We are impressed with the development plan and the significant community and governmental support the project enjoys,” said Neville Rhone, Canyon’s Managing Director who oversees Texas. “Canyon has been very active in Texas for many years, and we believe the addition of Sylvan | Thirty will meet growing demand for quality retail and housing in the North Oak Cliff and West Dallas communities. This important piece of construction financing paves the way for the transformation of more than six acres of historically underutilized land into a true community asset.”
“This was an attractive deal for Canyon because of the quality of the Oaxaca/Wood Partners development team, the compelling design of the project, and the attractiveness of the site for retail and residential uses,” said Canyon Principal Jonathan Roth.
“We have great respect for the Canyon Capital Realty Advisers team which has worked with us to structure a construction loan that enables the project to proceed,” said Brent Jackson, of Oaxaca Interests LLC. “Sylvan | Thirty is a terrific project that will meet growing demand for the retail we’re bringing to the community. By the end of this year, we expect to be a major hub with restaurants, retail, lofts and Cox Farms Market.”
“We appreciate Canyon’s involvement and will now begin to turn our vision for the property into a dynamic and thriving community,” said Jackson.
Canyon Capital Realty Advisors LLC (CCRA) is the real estate direct investing arm of Canyon Partners, LLC. Canyon Partners and its affiliates, including Canyon Capital Advisors, CCRA and ICE Canyon, are investment management firms and registered investment advisors headquartered in Los Angeles, California, with approximately $20 billion in assets under management.