The Building and Constructions Trades Council (BCTC) and Cirrus Real Estate Partners are joining forces with New York City in a public-private partnership to launch a $500M fund to build new affordable workforce housing in NYC.
BCTC, an umbrella organization representing more than 100,000 buildings trades workers, has made an initial pledge of $100M from a pool of union pension funds. Cirrus, an NYC-based investment firm with a portfolio encompassing an estimated $150B of commercial real estate loans, has pledged to raise more than $400M for the initiative.
The fund, which seeks to build new affordable and workforce housing using unionized labor, is the first of its type in the nation, according to Mayor Eric Adams.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
