UrbanAmerica launches $300m fund with Fisher Bros.UrbanAmerica, L.P., the first company to participate in the revitalization of urban centers through investment of institutional capital in commercial real estate, has announced the formation of its Fund II, a $300 million real estate private equity fund created in partnership with Fisher Urban Associates, an affiliate of the Fisher Brothers. Richmond S. McCoy, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of UrbanAmerica, made the announcement saying, "We are proud to create this partnership with Fisher Brothers and its Fisher Urban Associates/TerraMark, bringing together two distinguished and experienced real estate companies for fiscally and socially prudent investment in our nation's urban markets.. "We will execute cutting edge investment and development strategies in targeted, robust urban communities across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This is the niche for which UrbanAmerica is known and to which we are committed." Like Urban-America, Fisher Urban Associates is dedicated to maximizing the economic potential of market-challenged properties while adhering to the socially redeeming values of environmental integrity and the urban renewal of urban neighborhoods often bypassed by conventional real estate companies. Fisher Brothers' development affiliate, TerraMark, and its construction affiliate, Plaza Construction, will play key roles in the Fund II strategy by providing development/construction expertise in executing ground-up development and renovation programs. Fund II will not invest in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . With its Fund I, UrbanAmerica acquired a $330 million portfolio consisting of office and retail product in major urban markets throughout the U.S.. Investors in Fund I include LACERA LACERA Los Angeles County Employees Retirement Association , Nationwide Insurance, Citibank, Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , MBNA MBNA Monument Builders of North America MBNA Mercedes-Benz North America MBNA Maryland Bank, National Association MBNA Maryland Bank North America MBNA Mount Baker Nurses Association (Bellingham, Washington) , PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank, Heron Foundation, Wachovia and others. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. McCoy, most investors are participating in Fund II, which is a value-added offering, projecting mid-teens returns to investors. With leverage, the fund is set to develop/acquire a $1 billion portfolio which will add for sale residential development to UrbanAmerica's commercial product mix. Fund II has an investment focus that is national in scope. "UrbanAmerica's Fund I has been the nation's pre-eminent vehicle for commercial real estate investment in urban markets providing opportunities for institutional investors in office and retail assets in these markets," stated John Utendahl John Utendahl is the founder and owner of Utendahl Group, the largest black American-owned investment banking organization in the United States [1]. Mr. Utendahl is considered to be one of the most successful black Americans ever on Wall Street. Mr. , President of Utendahl Capital Partners, L.P., and UrbanAmerica's Chairman. "In partnership with the Fisher Brothers, Fund II builds on a solid foundation to incorporate new opportunities to advance our mission." "UrbanAmerica's mission has always been two parts--to provide strong investment opportunities for our investors and improve the quality of life in the urban communities where we acquire properties," commented Mr. McCoy. "The success of our Fund I validates the business model and the importance of our mission. As leaders in this market, we have shown the investment community this is a long-term, viable asset strategy. " Working with the Fisher family and its affiliates, we are confident we will deliver even greater results for our investors and the communities in which we invest." |
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