Notable
Condé Nast CEO Bob Sauerberg to Exit Amid Restructuring
https://variety.com/2018/biz/news/conde-nast-bob-sauerberg-exit-ceo-1203037270/
for anyone else digging with me on magic and the airports:
https://www.cntraveler.com/story/president-trumps-infrastructure-plan-sidelines-airports
>The president’s new $1.5 trillion outline skips much needed investment in airports in favor of spending on roads, bridges, and railways.
>For instance, the redevelopment of LaGuardia Airport in New York, the country’s 20th busiest airport, will cost at least $4 billion in combined public and private money. The construction of Northwest Florida Beaches International Airport, which opened in 2010 as the first new airport in the U.S. since 9/11, cost more than $300 million; in 2016, it was the nation’s 127th busiest airport. Airports are expensive!
Remember, Apple wanted to buy conde naste a few months ago
https://nypost.com/2018/04/30/apple-is-rumored-to-be-interested-in-conde-nast/
Continuing the Magic Johnson dig. Found another "fund" of his: Magic Johnson’s Canyon Johnson Urban Funds
https://therealdeal.com/2012/07/17/magic-johnsons-firm-wants-to-fire-contractor-at-20-henry/
A labor dispute between Hudson Meridian Construction and Magic Johnson’s Canyon Johnson Urban Funds is getting ugly. The contractor has threatened to walk off the job at the 20 Henry Street condominium conversion, leading the investment firm to ask a judge to kick them off the Brooklyn Heights site.
This article lists: Leviathan Construction Management
which brings up:
Contractor, 2 developers accused of racketeering
https://www.crainsnewyork.com/article/20110920/REAL_ESTATE/110929991/contractor-2-developers-accused-of-racketeering
Johnson Brings Magic to Urban Development
Basketball legend's fund has raised $1B, despite realty slump
Amid the subprime and recession chaos sits a gleaming urban development fund that has banked $1 billion with basketball legend Magic Johnson at the helm. The Canyon-Johnson Urban Fund has already completed major projects in Hollywood and Chicago, reports the LA Times, and, Johnson says, "The potential for revitalization in ethnically diverse communities is nearly limitless."
The fund is thriving, despite the national real estate slump. "Demand for affordable housing and community-serving retail is only going to increase," says Bobby Turner, a managing partner. Johnson says he listens closely to urban residents about what they want in their neighborhoods. "We don't just go in and build what we want," he says.
http://www.newser.com/story/24706/johnson-brings-magic-to-urban-development.html
Canyon-Johnson Urban Fund And Lowe Enterprises Purchase Iconic Hilton Washington For $290 Million
In one of the largest hotel acquisitions in Washington, D.C. history, the Canyon-Johnson Urban Fund (CJUF) and Lowe Enterprises Investors today announced the purchase from Hilton Hotels Corporation of the iconic Hilton Washington hotel near Dupont Circle for $290 million. The new ownership team will invest in excess of $100 million in a top-to-bottom renovation of the legendary hotel that has been the site of prestigious gatherings hosted by U.S. presidents, world leaders and other prominent figures since opening in 1965. The CJUF/Lowe Enterprises joint venture have entered into a long-term management agreement with Hilton Hotels Corporation.
http://www.hotelinteractive.com/article.aspx?articleID=7854
This investment fund has a social agenda — and high-profile backers
An associate of 1980s junk bond king Michael Milken who made a fortune in real estate, Turner is now turning that personal philosophy into action.
He set up a company last year called Turner Impact Capital that seeks investors to pay for blue-collar housing, promising returns more typical of conventional money-making businesses.
In Los Angeles, former Lakers star Magic Johnson had that credibility, having surprised real estate experts with the success of an upscale theater complex he opened in economically challenged South Los Angeles. Turner was introduced to Johnson in 1998 and during a Lakers game the two discussed the idea of starting a fund for urban real estate investments.
Turner and Johnson launched the Canyon Johnson Urban Fund in 2001 and raised nearly $2 billon for such developments, including an apartment and retail complex at Sunset and Vine in Hollywood. But much of the development was upscale and didn't address the needs of lower-income residents.
So, two years ago, Turner left Canyon to form his Impact Capital, which he decided would be profitable and different from other low-income housing developers, which are typically nonprofit and rely on government subsidies or tax breaks.
That approach captured the interest of Ackman, the New York hedge fund manager best known in Los Angeles for his attacks on supplement maker Herbalife.
https://www.latimes.com/business/realestate/la-fi-turner-housing-fund-20150919-story.html
Key Executives For Canyon-Johnson Urban Funds LLC
Joshua Stephan Friedman Managing Partner 62
Kenneth Robert Turner Managing Partner 55
John Paul Plaga CFA, CPA Chief Financial Officer
Richard D. Holly Managing Director
Earvin Johnson Jr. Managing Director 59
>Joshua Stephan Friedman
http://labusinessjournal.com/news/2017/sep/27/money-book-joshua-friedman/
Assets under management: $23 billion
The Milken Institute Global Conference and its approximately 3,000 attendees may as well be a giant game of Six Degrees of Michael Milken. Though his own program biography understandably omits any reference to Drexel and his time in jail, the panels are populated by the defunct investment bank’s vast diaspora. Among them: Joshua Friedman, co-founder of Canyon Partners; Jonathan Sokoloff, managing partner of Leonard Green; Ted Virtue, chief of MidOcean Partners and; Andrew Whittaker, vice chairman of Jefferies.
http://blogs.reuters.com/breakingviews/2013/05/01/former-junk-bond-king-has-more-leverage-than-ever/
http://saintpetersblog.com/after-taking-donations-from-hedge-funds-holding-puerto-rican-debt-marco-rubio-opposed-bankruptcy/
joshua Friedman of Canyon Capital Partners: with wife Beth, gave $5,400 between 2013 and 2015
https://www.bloomberg.com/research/stocks/private/person.asp?personId=25110171&privcapId=263908462
Mr. Kenneth Robert Turner, also known as Bobby, is the Founder, Principal, and Chief Executive Officer at Turner Impact Capital. Mr. Turner serves at Canyon-Agassi Realty Advisors. He is the Managing Partner at Canyon-Johnson Urban Funds LLC. He was the Managing Partner at Canyon Capital Advisors, LLC. He left the firm in 2013. Mr. Turner was the Chief Executive Officer, Co-Founder, Managing Partner, Chairman and Fund Manager of Canyon Capital Realty Advisors. He served …
http://knowledge.wharton.upenn.edu/article/making-a-difference-while-making-money/
LOTS in here…
more funds:
Turner-Agassi Charter Schools Fund, Turner Multifamily Impact Fund
>Turner Multifamily Impact Fund
https://www.businesswire.com/news/home/20161213006094/en/Turner-Multifamily-Impact-Fund-Acquires-Multifamily-Communities
The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital that addresses the nation’s growing shortage of affordable workforce housing, has recently expanded its portfolio with the acquisition of three multifamily housing communities in the San Antonio and Atlanta metropolitan areas. The acquisitions expand the fund’s total portfolio to approximately 3,200 units of workforce housing.
Was this the plan to house the fucking "migrants"?
https://www.pionline.com/article/20150320/ONLINE/150329992/university-of-michigan-endowment-commits-48-million-to-2-funds
Separately, the regents approved a recommendation from Mr. Strong to commit $20 million to the Turner Multifamily Impact Fund on behalf of the university’s $9.8 billion endowment.
The real estate fund will “acquire, improve and preserve workforce rental housing in densely populated, ethnically diverse, underserved urban communities,” and is managed by Turner Impact Capital, Mr. Strong’s report said.