We advised Acadia Realty Trust as an investor in a joint venture

Davis Polk advised Acadia Realty Trust as a preferred equity investor in a joint venture (the “Joint Venture”) with affiliates of Madison Capital and Meadow Partners. The Joint Venture acquired a 49% interest in Liberty View Industrial Plaza located in Brooklyn, New York (the “Property”). The Joint Venture’s investment is structured as junior mezzanine debt that will be convertible to equity. An affiliate of Blackstone Real Estate Services L.L.C. provided mortgage and senior mezzanine financing to the Property.   

The Property is an eight-story, 1.3 million square foot mixed-use building located in the Sunset Park neighborhood of Brooklyn. Under the Joint Venture’s management, the Property will feature a new office component and will undergo additional capital improvements.  

Acadia is a publicly traded real estate investment trust (REIT) which specializes in the operation, management, leasing, renovation and acquisition of shopping centers and mixed-use properties with retail components. The majority of its portfolio is concentrated in five gateway markets – New York, Chicago, San Francisco, Washington DC and Boston.  

Madison is a leading real estate investment and operating company with over $2.5 billion of current assets under management that is focused on acquiring and repositioning mixed-use assets in markets such as New York City, San Francisco and Chicago.

Meadow is a vertically integrated private real estate investment firm based in New York City and London. Since inception, Meadow has invested over $1.5 billion of equity and has acquired more than $5 billion of real estate assets in its target markets of New York City, Washington DC, London and Paris.

Blackstone is one of the largest real estate private equity and investment management firms in the world with over $150 billion of investor capital under management and a $324 billion global real estate portfolio. 

The Davis Polk real estate team included partner Brian S. Lichter and associate Rachel M. Feldstein. All members of the Davis Polk team are based in the New York office.