Nine-Figure Affordable Housing Fund

Affordable housing — housing of any kind, really — is in major demand in the U.S., and a new $354 million fund hopes to capitalize on the trend. Also for today: There have been a slew of New York City building sales lately. The latest is a $27.5 million deal for an East Village property that once housed a famous nightclub.

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Belveron Partners Closes $354M Affordable Housing Investment Fund

Belveron Partners, a real estate investment management firm that specializes in affordable housing, announced Tuesday that it closed its seventh fund, Flagship Fund VII, with $354 million in total capital commitments, Commercial Observer has learned. This exceeds the $284 million that Belveron Raised in its previous fund that closed in late 2020. Belveron Partners chief investment officer Josh Plattner told CO that the capital sourcing for Fund VII differed from the firm’s previous fundraising strategies, in that it moved beyond a few traditional institutional investors who had previously powered its relationship network. This time, Belveron expanded its base. For Fund VII, the firm secured agreements with new investor partners that included a sovereign wealth fund, a pension fund, a university endowment, family offices, and outsourced CIOs.

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Movcap Acquires Former East Village Nightclub From UBS for $28M

An East Village property once home to “All Tomorrow’s Parties” is trading hands. Real estate investment company Movcap, through the entity Saint Marks Property Owner, has purchased 19-23 Saint Marks Place — formerly the site of music hot spot Electric Circus — from UBS for $27.5 million, according to city records made public Friday. Movcap founder Lawrence Movtady signed for the buyer, while Nolan Henry signed for UBS, which used the entity 19-23 Saint Marks Place Apartments Owner to complete the deal, records show. “We were drawn to the asset for its dynamic location by Astor Place on the historic corridor of Saint Marks, as well as its diverse mixed-use component and combination of residential units, restaurants and retail stores,” Movtady told Commercial Observer.

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