Brookfield eyes stake in $1B Manhattan portfolio

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Deadline looms for Urban American and City Investment Fund to recapitalize or break up package

March 05, 2014 04:58PM
By Adam Pincus
An affiliate of the property giant Brookfield Properties is the leading bidder to buy a large stake as part of a refinancing of a $1 billion apartment portfolio in Upper Manhattan and Roosevelt Island, industry sources told The Real Deal. The portfolio’s owners, Urban American and the City Investment Fund, are up against a tight deadline and need to recapitalize the 3,962-unit package before $800 million in Fannie Mae loans mature on May 6.
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