Cleary Gottlieb represented Brookfield Asset Management (Brookfield) in its acquisition of the 51% interest in a portfolio of five multifamily and mixed-used properties in New York and California, including a 30-story rental tower in Manhattan and buildings in Los Angeles and the Bay Area.
Brookfield is taking full ownership of the portfolio after acquiring 49% of the interests in the portfolio in 2017 in a real estate secondaries transaction in which Cleary represented Brookfield. Carmel Partners, a real estate investment fund based in California, was the original sponsor and developer of the underlying properties, which have been held through REIT joint venture entities. In connection with the closing, Brookfield refinanced one of the properties and assumed the debt secured by the remaining properties.
The transaction closed on December 30, 2021.