Firm raises $117m for second real estate fund
The Related Cos. has raised $117.1 million for its Related Real Estate Recovery Fund II, a $750 million high-yield real estate fund, according to a filing with the SEC.
The fund will likely use a similar strategy to its predecessor, which closed in January 2012 after raising $825 million. Fund I acquires distressed loans that were originated for new development, property conversion and renovation, as well as equity positions in properties that require significant repositioning.
The fund’s can also lean on Related’s vertically integrated structure that allows the firm to carry out sourcing, due diligence, financing, construction, design, leasing, sales, asset management and financial reporting in-house.
It receiveda $40 million