SL Green, a leading real estate investment trust in New York City, is planning to launch a new opportunity debt vehicle this month with a target of $1 billion. This move aligns with the company’s previous announcement in December to raise funds for this purpose within the first half of the year.
In addition to SL Green, other major players like RXR and Ares Management are also creating funds focused on acquiring distressed office assets in NYC. Reven Office REIT, led by industry experts Ethan Penner and Chad Carpenter, is seeking to raise $1 billion as well. Their fund will provide financing options for office owners and investors including investments in distressed office debt and properties.
Accordingly CEO Marc Holliday stated at a conference last December that they have been engaging with potential investors from various regions such as domestic markets, Middle East and Asia. The initial fund size has been set at $1 billion but it does not limit the scope of opportunities available for investment through this vehicle.
