Carlyle Group, Stonehenge NYC recapitalizes The Ritz Plaza

Carlyle Property Investors, a real estate fund sponsored by The Carlyle Group, and Stonehenge NYC, through a newly formed joint venture, have recapitalized The Ritz Plaza, Stonehenge NYC’s flagship property.

Deutsche Bank financed the recapitalization through a $235 million first mortgage.

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.”

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 toward improvements including renovations to apartments and common areas.