Herald Center
Herald Center
Location: New York, NYProperty Type: Retail
Size: 240,000 square feet
Investment Type: Preferred Equity
Investment Size: $37,000,00
Date of Investment: August 2002
RCG Longview made a $37,000,000 preferred equity investment in a 9-story mixed-use (retail/office) building located in Mid-town Manhattan. The property was 63% leased at the time of the Fund’s original investment. After taking over management, the Fund’s partners were able to re-lease and stabilize the building within 18 months. The Fund later refinanced the property securing a full re-payment of principal, a distribution of excess cash and retaining a preferred equity interest in the property.
