The Carlyle Group and Stonehenge NYC have recapitalized The Ritz Plaza, an apartment building in Manhattan. No financial terms were disclosed. Ackman Ziff advised Carlyle on the transaction.
NEW YORK, May 10, 2019 /PRNewswire/ — Carlyle Property Investors, a real estate fund sponsored by The Carlyle Group, and Stonehenge NYC today 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.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of March 31, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,725 people in 33 offices across six continents.
About Stonehenge NYC
Stonehenge NYC, founded by Ofer Yardeni, is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. Stonehenge’s core growth strategy is focused on New York City real estate opportunities.