Related Cos., the developer of Manhattan’s Time Warner Center, said it closed its first distressed real estate fund after raising $825 million.
The fund is investing primarily in the debt on residential and office properties in New York, Chicago, Los Angeles, San Francisco, Boston and Florida, according to Related President Jeff Blau. The company began raising money for the fund last January and exceeded its goal by $75 million, the New York-based developer said in a statement.
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