Canyon Gives NY Condos $26M Boost After Lender Fight

Law360, New York (November 30, 2011, 4:32 PM EST) -- Los Angeles investment firm Canyon Capital Realty Advisors LLC has come to the rescue of a stalled New York condo project with a $25.6 million loan to the 33-story tower's developer after a lawsuit against a former lender was settled, Canyon said Wednesday.

Developer Bluerock Real Estate LLC will break ground in the spring on The Charles, a $175 million luxury condo project on Manhattan's Upper East Side, CEO Ramin Kamfar told Law360. With one unit per floor and asking prices between $4 million and $7...
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