Dune Real Estate raises $175 million with latest fund

New York City–based real estate investment firm Dune Real Estate Partners has raised $175 million for its Dune Real Estate Partners III, according to a filing with the Securities and Exchange Commission. The value-added fund was launched in August 2012 with an $850 million fundraising goal. A final close date was not disclosed.

Dune Real Estate Partners III will acquire and develop properties, as well as providing preferred equity and mezzanine debt to distressed owners. With leverage, the fund could have more than $1.3 billion of buying power.

Its predecessor Dune Real Estate Partners Fund II closed in 2009 with $800 million in equity commitments. 

The Dune Real Estate Funds were launched in 2005 to make opportunistic investments in a broad range of real estate–related assets, portfolios, joint ventures and operating companies worldwide.

Dune Real Estate Partners managed ap