NEW YORK, May 10, 2019 /PRNewswire/ -- Carlyle Property
Investors, a real estate fund sponsored by The Carlyle Group, and
Stonehenge NYC today announced that through a newly formed joint
venture they have recapitalized The Ritz Plaza, Stonehenge NYC's
flagship property.
The Ritz Plaza is a 479-unit rental apartment building located
in Times Square, which Stonehenge NYC has owned and managed since
1996. Carlyle and Stonehenge plan to invest capital towards
improvements including renovations to apartments and common
areas.
Jason Hart, Managing Director at
The Carlyle Group, said, ''Our investment in The Ritz Plaza is
consistent with our strategy of owning a high-quality portfolio of
rental apartments in the United
States, and particularly in the New York market, which offers relative
stability and a high potential for growth."
Ofer Yardeni, Chairman and CEO of
Stonehenge NYC, said, ''We are delighted to continue our long-term
ownership of The Ritz Plaza and grow our relationship with The
Carlyle Group following our initial collaboration at 1 QPS in
Long Island City last
November."
Deutsche Bank financed the recapitalization through a
$235,000,000 first mortgage.
Hodges Ward Elliott arranged the
financing. Ackman Ziff advised
Carlyle on the transaction.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with
deep industry expertise that deploys private capital across four
business segments: Corporate Private Equity, Real Assets, Global
Credit and Investment Solutions. With $222
billion of assets under management as of March 31, 2019, Carlyle's purpose is to invest
wisely and create value on behalf of our investors, portfolio
companies and the communities in which we live and invest. The
Carlyle Group employs more than 1,725 people in 33 offices across
six continents.
About Stonehenge NYC
Stonehenge NYC, founded by Ofer
Yardeni, is a vertically integrated, private real estate
company with expertise in investment management, property
management, development, design, construction, leasing and
financing. Stonehenge's core growth strategy is focused on
New York City real estate
opportunities.
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SOURCE Stonehenge NYC