Magic Johnson's Fund Backs $160M LA Development

Law360, New York (January 9, 2012, 2:38 PM EST) -- Canyon-Johnson Urban Funds LLC, a private real estate investment vehicle associated with NBA legend Earvin "Magic" Johnson, has ponied up capital to build a $160 million mixed-use project on public land in Los Angeles' downtown arts district, Canyon-Johnson said Monday.

Construction and other improvements are set to begin next month on the One Santa Fe project, a joint venture among The McGregor Co., Polis Builders Ltd. and Goldman Sachs Urban Investment Group, Canyon-Johnson said.

Canyon-Johnson did not disclose the size of its equity investment but said...
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