Carlyle Property Investors, a real estate fund sponsored by The Carlyle Group, and Stonehenge NYC announced that through a newly formed joint venture they have recapitalized The Ritz Plaza, Stonehenge NYC’s flagship property.
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 towards improvements including renovations to apartments and common areas.
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.”
Ofer Yardeni, Chairman and CEO of Stonehenge NYC, said, ”We are delighted to continue our long-term ownership of The Ritz Plaza and grow our relationship with The Carlyle Group following our initial collaboration at 1 QPS in Long Island City last November.”
Deutsche Bank financed the recapitalization through a $235,000,000 first mortgage. Hodges Ward Elliott arranged the financing. Ackman Ziff advised Carlyle on the transaction.