A Los Angeles-based real estate trust will partner with The HYM Investment Group LLC of Boston (HYM) and Atlas Capital Group to complete Cambridge’s beleaguered NorthPoint development, which has been stalled and plagued by legal battles for much of the past decade.

Late last month, the property’s title was transferred to Canyon-Johnson Urban Funds (CJUF) from Boston & Maine Corp. for $10, according to records obtained from the Middlesex County Registry of Deeds. The funds are a joint venture between Canyon Capital Realty Advisors and an entity of former Los Angeles Laker Earvin "Magic" Johnson’s Magic Johnson Enterprises.

HYM is the new entity formed by Thomas N. O’Brien, a former head of the Boston Redevelopment, who recently took control of the Government Center Garage redevelopment project.

"We are thrilled to be back in the Boston area, and to breathe new life into a large, strategically located piece of land that has been underutilized for too long," said Canyon Managing Partner Bobby Turner.

"It’s time to move this valuable project forward, and we couldn’t have a better partner than Canyon-Johnson," O’Brien said. "Bobby and his team have demonstrated time and again their vision and commitment to urban revitalization. We embrace that vision and look forward to completing this great project."

The 44-acre NorthPoint lot, formerly a Boston & Maine rail yard, is across the Charles River from Massachusetts General Hospital. When completed, NorthPoint will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a 10-acre central park. Basic infrastructure is already built, including interior streets and a central park, as well as utilities. By 2015, the property is scheduled to include a new Green Line MBTA station that will be part of a public transit expansion to Tufts University in Medford.

Pan Am Railways will remain an investment partner in the project.  

The partnership will retain existing special permits to build 3 million square feet of space in Cambridge, renew prior permits for 600,000 buildable square feet in Boston, and seek to obtain appropriate permits for the Somerville portion, according to a statement.