SAN MATEO, Calif., March 29, 2023–(BUSINESS WIRE)–Clarion Companions Actual Property Revenue Fund Inc. has supplied a mezzanine mortgage to a three way partnership between BentallGreenOak and Slate Property Group to refinance the prevailing mortgage and fund extra renovations on a multifamily property often called The Biltmore* in New York Metropolis. The mortgage has been supplied by Affinius Capital.
Positioned on the northeast nook of eighth Avenue and West forty seventh Road in Manhattan, The Biltmore was developed in 2003; it’s comprised of a complete of 464 residential items, 34,626 sq. ft of economic house and a 61-space parking storage.
“The Biltmore was a specific alternative to lend on an current stabilized multifamily property in Midtown Manhattan, a core market which has demonstrated resilience,” mentioned Managing Director and Clarion Companions Actual Property Revenue Fund Portfolio Supervisor Janet Souk. “Most significantly, we’re happy to supply financing to The Biltmore’s skilled sponsors, who will use the funds to finish strategic upgrades for the property’s different tenants.”
Since BentallGreenOak and Slate Property Group acquired the property in 2018, the three way partnership has invested over $30 million to renovate residence items, improve the foyer and facilities, modernize the constructing’s elevators and full façade repairs.
Clarion Companions, a number one U.S. actual property funding supervisor, is a part of Franklin Templeton’s options enterprise, which spans a broad vary of methods, together with actual property, personal credit score, hedge funds and secondary personal fairness and co-investments with roughly $257 billion in property below administration as of December 31, 2022.
Clarion Companions Actual Property Revenue Fund Inc. is distributed by Franklin Distributors, LLC.
About Clarion Companions Actual Property Revenue Fund Inc.
The Fund presents particular person traders direct entry to a portfolio of privately-held, income-producing industrial actual property properties by an modern funding fund pushed by Clarion’s deep actual property experience. The Fund is a non-diversified, closed-end administration funding firm that constantly presents its frequent inventory. The Fund’s funding supervisor, Legg Mason Companions Fund Advisor, LLC is an oblique, wholly owned subsidiary of Franklin Sources, Inc. (“Franklin Sources”) and the fund’s funding sub-adviser, Clarion Companions, is an oblique, majority-owned subsidiary of Franklin Sources. As well as, the Fund’s securities sub-adviser, Western Asset Administration, is also an oblique wholly owned subsidiary of Franklin Sources. Exhausting copies of the Fund’s full audited monetary statements can be found freed from cost upon request. Extra details about the Fund is accessible at CPREIF.com.
About Clarion Companions
Clarion Companions, an SEC registered funding adviser with FCA-authorized and FINRA member associates, has been a number one U.S. actual property funding supervisor for 40 years. Headquartered in New York, the agency maintains strategically situated workplaces throughout the US and Europe. With $82.4 billion in complete property below administration, Clarion Companions presents a broad vary of actual property methods throughout the danger/return spectrum to its 500 home and worldwide institutional traders. Extra details about the agency is accessible at www.clarionpartners.com.
About Franklin Templeton
Franklin Sources, Inc. is a worldwide funding administration group with subsidiaries working as Franklin Templeton and serving purchasers in over 155 nations. Franklin Templeton’s mission is to assist purchasers obtain higher outcomes by funding administration experience, wealth administration and expertise options. By way of its specialist funding managers, the corporate presents specialization on a worldwide scale, bringing intensive capabilities in mounted earnings, fairness, options and multi-asset options. With workplaces in additional than 30 nations and roughly 1,300 funding professionals, the California-based firm has over 75 years of funding expertise and roughly $1.4 trillion in property below administration as of February 28, 2023. For extra data, please go to franklinresources.com and observe us on LinkedIn, Twitter and Fb.
About Slate Property Group
Slate Property Group is a vertically built-in proprietor, operator, and developer of residential and industrial actual property within the New York metropolitan space. From adaptive reuse and repositioning of current property to ground-up improvement, the Slate workforce leverages intensive expertise within the residential asset class, in-house groups devoted to the separate phases of an actual property funding, and a regimented method in the direction of executing a marketing strategy to hunt superior risk-adjusted returns for its traders. During the last decade, the principals of Slate Property Group have bought in extra of $6.4 billion in actual property property totaling over 10,000 items throughout over 50 investments. As a way to proceed the profitable execution of the prevailing and future actual property tasks, Slate employs an skilled and educated workforce with over 115 full-time workers throughout its numerous arms.
*The acquisition of The Biltmore Flats in New York Metropolis, N.Y. represents 6.9% of relative proportion of the holding of your entire portfolio (100%) as of March 20, 2023. Traits and holding weightings are based mostly on the overall portfolio and are topic to vary at any time; they’re supplied for informational functions solely. This data shouldn’t be construed as a advice to buy or promote any safety. There could be no assurance that any unrealized funding described herein will show to be worthwhile.
Funding Dangers
All investments contain danger, together with lack of principal. Previous efficiency isn’t any assure of future outcomes.
Liquidity Threat Concerns:
The Fund must be considered as a long-term funding, as it’s inherently illiquid and appropriate just for traders who can bear the dangers related to the restricted liquidity of the Fund. Restricted liquidity is supplied to shareholders solely by the Fund’s quarterly repurchase presents for not more than 5% of the Fund’s shares excellent at web asset worth. There isn’t a assure these repurchases will happen as scheduled, or in any respect. Shares is not going to be listed on a public alternate, and no secondary market is predicted to develop. Shareholders might not be capable to promote their shares within the Fund in any respect or at a good value.
Dangers associated to funding made by the Fund:
The Fund’s investments are extremely concentrated in actual property investmentsand due to this fact will probably be topic to the dangers usually related to actual property, together with however not restricted to native, state, nationwide or worldwide financial situations; together with market disruptions brought on by regional issues, political upheaval, sovereign debt crises and different elements. Asset-backed, mortgage-backed or mortgage-related securities are topic to prepayment and extension dangers. The Fund and/or its subsidiaries make use of leveragewhich will increase the volatility of funding returns and topics the Fund to magnified losses if an underlying fund’s investments decline in worth. The Fund might use derivativesakin to choices and futures, which could be illiquid, might disproportionately improve losses, and have a probably massive impression on Fund efficiency. Fastened earnings securities contain rate of interest, credit score, inflation and reinvestment dangers. As rates of interest rise, the worth of mounted earnings securities fall. Excessive-yield bonds possess better value volatility, illiquidity and chance of default.
Earlier than investing, rigorously contemplate a Fund’s funding targets, dangers, fees and bills. You will discover this and different data in every prospectus, or abstract prospectus, if accessible, at www.franklintempleton.com. Please learn it rigorously.
Any data, assertion or opinion set forth herein is basic in nature, isn’t directed to or based mostly on the monetary state of affairs or wants of any explicit investor, and doesn’t represent, and shouldn’t be construed as, funding recommendation, forecast of future occasions, a assure of future outcomes, or a advice with respect to any explicit safety or funding technique or kind of retirement account. Traders in search of monetary recommendation concerning the appropriateness of investing in any securities or funding methods ought to seek the advice of their monetary skilled.
Knowledge and commentary supplied on this press launch are for informational functions solely.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
©2023 Franklin Distributors, LLC, member FINRA, SIPC. Franklin Distributors, LLC, and Clarion Companions, LLC are all subsidiaries of Franklin Sources, Inc.
TN23-20
Class: Fund Announcement
Supply: Franklin Sources, Inc.
Supply: Legg Mason Closed Finish Funds
Media Contact: Lisa Tibbitts, +1 (917) 674-8060
View supply model on businesswire.com: https://www.businesswire.com/information/residence/20230329005492/en/
Contacts
Franklin Templeton Company Communications:
Lisa Tibbitts, +1 (917) 674-8060, lisa.tibbitts@franklintempleton.com
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