Eagle Proprietary Investments Limited (“Eagle”) announces its successful exit from its debt investment in The Cobble Hill House (“the Project”), an upscale residential condominium development in Brooklyn, New York valued at over $75 million.
The Cobble Hill House is a new, 27-unit residential development built in the highly desirable neighborhood of Cobble Hill in Brooklyn, New York. With approximately 60,000 sq. ft. of built up area, the project features luxurious condominiums and amenities with spectacular views of Downtown Manhattan.
In April 2017, Eagle led the structuring of a senior secured construction loan secured against the land and building rights of the Project.
This new milestone, builds on Eagle’s real estate investment track record which focuses on well-structured value add real estate strategies in mature markets. This transaction is Eagle’s sixth real estate investment in the U.S market.
Elias Kawar, responsible for Eagle’s real estate investment activities commented:
“We are very pleased to have successfully exited our debt investment in the Cobble Hill House. This transaction was a true testament to our ability to originate, structure and partner with best in class developers and operators to deliver solid risk adjusted investment returns”
Raj Dvivedi, CEO of Eagle commented:
“Our investment in Cobble Hill House demonstrates our underlying approach to investing in well-defined opportunities alongside solid partners in robust markets and sectors. We continue to build a pipeline of similar opportunities across markets of focus where our experience and partnerships add value”
Eagle’s real estate investment strategy which focuses on yield driven investments in both the residential and commercial sub-sectors has increased over the past few years. In 2018, Eagle and its U.S based partners led a joint venture to acquire two income generating class A institutional quality office buildings totaling over 310,000 sq. ft. with a total value of approximately $70 million in the US. Since acquisition, these assets have generated a net annual cash yield of over 9.5%.