NEW YORK, Jun 02, 2015 (BUSINESS WIRE) — BlackRock announced today that the firm’s real estate business has completed the financing of both the construction loan and second mortgage loan on Versailles, a residential property located in Philadelphia’s prime Centre City area. The second mortgage has an equity conversion option that, when exercised, will allow one of BlackRock’s real estate funds to take an ownership position in Versailles in partnership with Alterra Property Group.
Built in 1921, Versailles is a 15-story, 130,000/plus-square-foot apartment building. Following a multi-million dollar renovation, Versailles will be a 112-unit, “A” quality apartment building.
“Versailles exemplifies our ability to source assets in primary markets and enhance their intrinsic value to maximize their income-generating potential on behalf of our clients,” said Simon Treacy, Global Chief Investment Officer and Head of US Equity for BlackRock Real Estate.
BlackRock’s Real Estate platform manages approximately $25 billion of assets and operates local investment teams in 11 countries. The group invests in strategies across the risk/return spectrum in both the public and private markets worldwide.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2015, BlackRock’s AUM was $4.774 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of March 31, 2015, the firm had approximately 12,300 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at
BlackRock Real Estate
BlackRock Real Estate is the dedicated real estate investment group within BlackRock and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over $23 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia-Pacific, Europe and the US. Investment structures include commingled funds, co-investments, joint ventures and customised separate accounts.
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