RE Equity Fund Digs Into 5th Ave. Rental Tower For $100M

Law360, New York (November 17, 2011, 7:06 PM EST) -- National real estate equity fund Multi-Employer Property Trust has committed $100 million in equity to develop a 35-story apartment building on Fifth Avenue in Manhattan in an effort to capitalize on increasing demand for new rentals, the trust said Thursday.

The 122,000-square-foot building will include 165 apartments, as well as 10,400 square feet of retail space on the street and basement levels. MEPT's real estate advisor, Bentall Kennedy LP, will work with Urban Development Partners, Lend Lease Corp. and SLCE Architects to develop the building....
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