NEW YORK CITY-Goldman Sachs’ Urban Investment Group and L&M Development Partners Inc. are launching a new urban opportunity investment fund through the formation of GSLM Capital Partners LLC. The purpose of the fund is to identify and invest in urban development opportunities throughout the New York Metropolitan Area, the Northeast, Mid-Atlantic regions and California.

The fund will focus on investments in mixed-income housing development, land acquisition in urban areas, partnerships with local community-based development groups, and partnering in businesses with a mission of socially responsible development, according to a prepared company statement. With investments ranging from $2 million to $20 million of equity, the fund will target projects that provide affordable and work-force housing and community-serving retail in New York City and other dense and ethnically diverse markets around the country.

Alicia Glen, managing director of Goldman Sachs UIG, tells that the firm has been doing business with L&M for a while now and this fund further expands their relationship. “We are doing six projects with them right now, some of which are in various stages of development or predevelopment,” she notes.

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