(Read more on the debt and equity markets.)

NEW YORK CITY-Stonehenge Partners Inc. has closed on a new $500-million real estate equity fund, Stonehenge Fund III. The company will use this fund to acquire office, retail and residential properties as well as targeting high-yield debt opportunities in the Tri-State area.

“Stonehenge is very excited about having this equity capital available in the current environment,” notes Ofer Yardeni, one of the two managing partners at the company. “Stonehenge believes that given New York’s economic strength, supply and demand imbalance and the scarcity of prime developable land, long-term value appreciation is expected.” Yardeni adds that Stonehenge remains focused on investments in a market in which real estate fundamentals remain very strong.

Stonehenge has been in the news recently for its acquisition of 330 E. 63rd St. for $39 million from 63rd East Side Realty LLC, where it intends to upgrade and renovate the property. “We will continue to invest in high-quality, value-added investments and joint ventures with partners who share the same vision,” explains Joel Seiden, managing partner at Stonehenge. “The ability to act and close quickly will provide a valuable niche during these challenging credit times. We remain strongly committed to the value of New York as a vibrant business and media capital.”

Among the more notable properties that Stonehenge Partners owns and operates include the Olivia, the Ritz Plaza, Stonehenge Village, 20 Park Ave. and 41 Park Ave. Over the past decade, Stonehenge has closed on transactions in excess of $2 billion comprising more than three million sf.

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