May 13, 2019
The Carlyle Group’s Carlyle Property Investors fund and Stonehenge NYC have recapitalized The Ritz Plaza, a 479-unit Times Square apartment building that Stonehenge has owned and managed since 1996.
The Carlyle fund is taking a majority stake in the property for a reported $251 million, financed with a $235-million first mortgage from Deutsche Bank. Hodges Ward Elliott arranged the financing. Ackman Ziff advised Carlyle on the transaction.
”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,” said Stonehenge chairman and CEO Ofer Yardeni.
Carlyle’s Jason Hart said the investment was “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.”
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