Canyon and CIT acquire Coronado Palms

Canyon Partners Real Estate LLC and CIT Bank have acquired the leasehold interest in Anaheim, California-based Coronado Palms, a 169-unit apartment community. The transaction was made via Canyon Multifamily Impact Fund III LLC, a joint venture between Canyon and CIT. CIT's real estate finance business provided a loan of about $25 million to finance the acquisition. FPI Management will serve as the property manager for Coronado Palms.

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