(Read more on the multifamily market and moreon the debt and equitymarkets.)
[IMGCAP(1)]NEW YORK CITY-Locally based Related Cos. has jointventured with Tiki Barber's Tiki Ventures LLC in an attempt toboost the nation's stock of high quality, affordable housing. Thenew venture will partner with Centerline Capital Group to purchaseand extensively renovate older, existing affordable housingdevelopments as a means to protect, improve and extend housingoptions in the US, according to Related.
The first phase of the venture will consist of the acquisitionand refurbishment of more than 3,500 residential units forlow-to-moderate income families in Virginia and North Carolina.Centerline Capital Group will finance approximately $150 million ofthe project, which will progress over the next three to four years.A spokesperson at Related tells GlobeSt.com there is not a setnumber for financing of the future projects. She also notes thatthat the first phase will consist of 30 developments, adding thatrefurbishments could be done to the interior or exterior dependingon the property, but most likely a little bit of both.
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