Brookfield’s Acquisition of Multifamily and Mixed-Use Property Portfolio

Cleary Gottlieb Steen & Hamilton represented Brookfield Asset Management in the transaction.

Brookfield Asset Management executed its acquisition of the 51% interest in a portfolio of 5 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. 

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.

Brookfield is a leading global alternative asset manager with over $650 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. 

The Cleary real estate team on the transaction included partner Steve Wilner, associates Christopher Bachand-Parente, Shane Goodhue, Nicolette Sullivan, and Elina Milshtein, and senior real estate staff attorney David Groman. All lawyers are based in New York.

Involved fees earner: Christopher Bachand?Parente – Cleary Gottlieb Steen & Hamilton; Shane Goodhue – Cleary Gottlieb Steen & Hamilton; David Groman – Cleary Gottlieb Steen & Hamilton; Elina Milshtein – Cleary Gottlieb Steen & Hamilton; Nicolette Sullivan – Cleary Gottlieb Steen & Hamilton; Steven Wilner – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Brookfield Asset Management Inc;