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The firm has purchased the property for a proposed two building logistics park, totaling 2,387,295 square feet of industrial space, in Valley View, PA.

"This deal is the largest Downtown since the start of the pandemic, an unmistakable sign of New York City's recovery and resurgence."

The requirement applies to all agency-backed multifamily properties, regardless of whether the loan is in forbearance.

The 240,000-square-foot project will have a total investment of $170 million to $190 million.

The politics are murky, and the financial assistance is still slow.

"This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca's resurgence, and to a greater extent, Palm Beach County. We are excited for the future," said a Grover Corlew partner.

It says it is the largest discretionary closed-end fund focused on North American logistics real estate ever raised.

The firm has entered into an agreement to acquire Safeco Plaza, a 50-story 800,000-square-foot, LEED-platinum certified, class-A office building.