Canyon-Johnson Urban Funds Tapped for $22.6M to Complete Brooklyn Condo Project

To complete the project, OL Washington will retain current general contractor Triton Construction Co., along with hiring residential brokerage The Corcoran Group to market the units upon completion.

August 23, 2010
By Allison Landa, News Editor

The Isabella, a 63-unit residential condominium complex in Brooklyn’s Clinton Hill neighborhood, has received $22.6 million in financing from Canyon-Johnson Urban Funds, a private real estate fund. Made to OL Washington L.L.C., the loan will allow completion of the project along with financing a related sales and marketing campaign this year.

To complete the project, OL Washington will retain current general contractor Triton Construction Co., along with hiring residential brokerage The Corcoran Group to market the units upon completion.

The seven-story property is located on a half-acre. A completion date has not been announced.

Canyon-Johnson focuses on developing urban properties in under-served neighborhoods. It is a joint venture between Canyon Capital Realty Advisors and an entity of Earvin “Magic” Johnson’s Magic Johnson Enterprises.