Clarion Partners fund makes first investment

The Clarion Partners Real Estate Income Fund (CPREIF), sponsored by Clarion Partners, has made its first investment — an $18 million structured debt investment in Indianapolis-based Buckingham Cos.

The investment will go toward the recapitalization of Aertson Midtown, a newly constructed property in Nashville, Tenn.’s Midtown/West End neighborhood. Aertson Midtown features 350 class A apartment units, more than 31,000 square feet of retail space and a 180-room luxury hotel.

“We’re pleased to invest in one of the fastest-growing and most dynamic cities in the U.S.,” said Onay Payne, managing director of Clarion Partners. “The property’s location near Vanderbilt University, four major hospitals and multiple office towers makes it a very strategic site for this kind of mixed-use development.”

CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund is managed by Legg Mason Partners Fun