Opportunity Fund seeks $1.5 Billion for Private Equity Investment in Midtown Manhattan Office, Hotel and Condominium Buildings
NEW YORK, NY (November 3, 2014) – The Supertall Opportunity Fund, a newly launched closed-end real estate investment fund, will seek to raise U.S. $1.5 billion through a private offering that intends to invest significantly in ultra-luxury office, hotel and condominium developments, and related real estate assets.
The fund’s goal is to make not less than 90% of its investments in New York City assets, specifically in midtown Manhattan. The minimum investment will be U.S. $10 million. The fund manager reserves the right to accept commitments in a greater or lesser aggregate amount. Investors must subscribe to their investments in the fund within 12 months of the initial closing, which is expected to be in the third quarter of 2015.
Designed for accredited U.S. and non-U.S. institutional and high net-worth investors, the fund will target real estate investment trust (REIT) and Private Equity Real Estate Groups (PERE) for short-term and medium-term mezzanine debt and/or equity investments. The planning of the Supertall Opportunity Fund has been in the works for over six years and arrives at an extraordinary time for U.S. and non-U.S. accredited investors to participate in an aggressive New York City focused real estate fund. The fund will be managed by Supertall Capital Management, Inc., a wholly owned subsidiary of Vandenberg Permanent Corporation.
Vandenberg and its subsidiaries, affiliates and predecessors, established as early as 1991, is a real estate investment, construction management, infrastructure and consulting firm that supports the energy, government services, minerals, civil infrastructure, power, industrial and commercial markets principally in the eastern United States. The company operates in four segments: real estate, construction management, infrastructure, and consulting.
For a term sheet or further information:
Supertall Capital Management, Inc.
c/o Vandenberg Permanent Corporation
375 Park Avenue
New York, NY 10152