Investors - DECEMBER 2, 2014

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U.S. pension fund commits $216m to real estate

by Reg Clodfelter

The $180.7 billion New York State Common Retirement Fund, the nation’s third-largest pension fund, has committed $216.4 million to real estate, divided between the funding of two mortgages and a commitment to a commingled fund, according to a transaction report from the pension plan’s website.

NYSCRF committed $200 million to CIM Fund VIII, an opportunistic fund managed by CIM Group. The fund launched in December 2012 and is targeting a $2 billion final close by year’s end. The fund will develop and redevelop assets across the major property types in primary markets in North America.

NYSCRF also funded a $15 million mortgage for the Beaver Meadow Apartments, 296-unit affordable housing property in Watertown, N.Y., and funded a $1.4 million mortgage for the New Cassel Apartments, a 296-unit affordable housing property in Westbury, N.Y. Both mortgages were funded under the retirement fund’s Buy-Sell Agreement with the Community Preservati

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