Taconic Partners and Nuveen Real Estate collect $260m for New York City Property Fund II
Taconic Partners and Nuveen Real Estate have raised $260 million for their jointly sponsored value-add fund, New York City Property Fund II. A fundraising target was not disclosed.
The partners said the commitments will allow the fund to target a portfolio of more than $1 billion and capitalize on unique buying opportunities across all real estate sectors throughout the New York metropolitan area.
“We are looking forward to deploying this capital in tandem with the resurgence and ongoing recovery of New York City,” said Chris Balestra, president and CIO of Taconic Partners. “This city remains in a state of continuous invention and reinvention, which is one of its many strengths as we look towards the future, post-pandemic.”
Balestra noted the partners are targeting large assets in sectors that will benefit during the next phase of recovery and reinvention.
New York City Property Fund II closed on its first acquisition, the West End Campus, in Octo