X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets and more on the multifamily market.)

SAO PAULO, BRAZIL-GoldenTree InSite Partners of New York City has teamed with a fast-growing real estate developer based in this South American metropolis to invest $100 million of equity in projects throughout the country. Office and residential properties will be the focus of the strategic alliance between GoldenTree and Quality Desenvolvimento Imobiliario, a venture that has already secured its initial two investments.

“We are very excited to partner with a developer of Quality’s caliber,” GoldenTree InSite president Tom Shapiro says in unveiling the initiative. As it is, Shapiro’s firm is already building three residential projects and one office complex on its own in Brazil, a commitment that Shapiro says underscores his firm’s belief in the underlying fundamentals of the country. “Strong GDP growth, falling interest rates and an increasingly liquid mortgage market all point to continued strength in Brazilian real estate,” he says. Among the projects GoldenTree InSite is already developing is a 1.07-million-sf office complex in Rio de Janeiro, while the three residential projects are all in Sao Paulo. They include a pair of 29-story buildings with 112 residences; two 34-story towers yielding 62 units; and Campo Belo, also a 220-unit complex that will also feature two towers.

From Quality’s perspective, the partnership will give the 11-year-old company “access to tremendous real estate expertise” and the necessary capital to expand the firm’s business, according to co-CEO Marcos Mariz de Oliveira Yunes. “We intend to develop first-class office and residential projects throughout Brazil, capitalizing on strong underlying economic fundamentals and demographic growth,” says the Quality principal.

The first acquisitions with GoldenTree include a 25-story office condominium building on Avenida Berrini, one of Sao Paulo’s top business addresses. The 275-unit property will target small companies and professional offices, with the condos an average size of just 515 sf. The project is being built with another Brazilian firm, Even Construtora, an entity that both GoldenTree and Quality have worked with on previous developments.

The residential project purchased by the alliance is a 23-story building in the Sao Paulo’s Vila Carrao district, an increasingly popular neighborhood that has seen substantial home price appreciation in the past several years. The Vila Carrao project was designed by noted Brazilian architect Jonas Birger. “As evidenced by these two initial deals, the alliance with Quality will give us access to a substantial deal pipeline in addition to significant proprietary deal flow for years to come,” says GoldenTree principal Josh Pristaw.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.