NEW YORK--(BUSINESS WIRE)--
BlackRock announced today that the firm’s real estate business has
completed the financing of both the construction loan and second
mortgage loan on Versailles, a residential property located in
Philadelphia’s prime Centre City area. The second mortgage has an equity
conversion option that, when exercised, will allow one of BlackRock’s
real estate funds to take an ownership position in Versailles in
partnership with Alterra Property Group.
Built in 1921, Versailles is a 15-story, 130,000/plus-square-foot
apartment building. Following a multi-million dollar renovation,
Versailles will be a 112-unit, “A” quality apartment building.
“Versailles exemplifies our ability to source assets in primary markets
and enhance their intrinsic value to maximize their income-generating
potential on behalf of our clients,” said Simon Treacy, Global Chief
Investment Officer and Head of US Equity for BlackRock Real Estate.
BlackRock’s Real Estate platform manages approximately $25 billion of
assets and operates local investment teams in 11 countries. The group
invests in strategies across the risk/return spectrum in both the public
and private markets worldwide.
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
March 31, 2015, BlackRock’s AUM was $4.774 trillion. BlackRock helps
clients meet their goals and overcome challenges with a range of
products that include separate accounts, mutual funds, iShares®
(exchange-traded funds), and other pooled investment vehicles. BlackRock
also offers risk management, advisory and enterprise investment system
services to a broad base of institutional investors through BlackRock
Solutions®. Headquartered in New York City, as of March 31, 2015,
the firm had approximately 12,300 employees in more than 30 countries
and a major presence in key global markets, including North and South
America, Europe, Asia, Australia and the Middle East and Africa. For
additional information, please visit the Company’s website at
www.blackrock.com
| Twitter: @blackrock_news | Blog: www.blackrockblog.com
| LinkedIn:
www.linkedin.com/company/blackrock
BlackRock Real Estate
BlackRock Real Estate is the dedicated real estate investment group
within BlackRock and invests in strategies across the risk and return
spectrum, providing access to all major property types. The business
manages over $23 billion of private and public real estate equity and
debt on behalf of investors worldwide in 17 offices across 11 countries
in Asia-Pacific, Europe and the US. Investment structures include
commingled funds, co-investments, joint ventures and customised separate
accounts.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150602006932/en/
Media Inquiries:
BlackRock
Tara McDonnell, 212.810.5337
Tara.McDonnell@blackrock.com
or
Theresa
McCartney, 646.310.1653
Theresa.McCartney@blackrock.com
Source: BlackRock