RXR Partnership Closes on $261M Preferred Equity for Upper East Side Portfolio
RXR, Macquarie Capital Principal Finance and the Qatar Investment Authority have closed on a $261-million preferred equity investment in the acquisition of a three-building, 858-unit, $825-million Class-A New York City multifamily portfolio. GO Partners, a joint venture between Black Spruce Management and Orbach Affordable Housing Solutions, acquired the portfolio on Manhattan’s Upper East Side.
Hudson Realty Capital advised on the deal. A Cushman & Wakefield team led by Adam Spies served as the broker for the transaction.
Developed by the late Sheldon Solow, the buildings – One & Two Sutton Place and One East River Place –are currently more than 96% occupied.
“With decades of experience in structuring finance investments, RXR was able to provide an efficient financing solution for GO Partners in an accelerated timeline during a period where financing for such acquisitions and developments has been increasingly difficult to obtain,” said Russell Young, EVP of RXR’s Investment Management Group.
- ◦Sale/Acquisition
- ◦Financing
