RXR, NC Investment Authority Team for Structured Equity Solutions
Real estate investment manager RXR has launched a $500-million strategic discretionary separate account with the North Carolina Investment Authority (NCIA) to provide structured equity solutions for more than $2 billion of high-quality residential development and transitional real estate projects across the U.S. Investments will be made via RXR’s capital solutions platform.
The partnership is seeded by a $64.25-million structured equity investment in a 327-unit luxury multifamily community located within PV Phoenix, the mixed-use redevelopment of the former Paradise Valley Mall. The project is being developed by Phoenix-based RED Development.
“Expanding our existing relationship with NCIA to form this new partnership allows RXR to scale our capital solutions investment strategy with a long-term, trusted institutional partner,” said Scott Rechler, chairman and CEO of RXR. “Much like private credit, structured equity has evolved into a permanent component of financing the housing market. Together, we aim to partner with top sponsors, leverage our vertically integrated platform, and drive value through our operational expertise and flexible capital.”
The new partnership expands upon the existing relationship between RXR and NCIA, which includes a $475-million commitment to the 1,100-acre Veridea mixed-use master-planned development under construction in Apex, NC.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout