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RXR, NC Investment Authority Team for Structured Equity Solutions
Real estate investment manager RXR has launched a $500-million strategic discretionary separate account with the North Carolina Investment Authority (NCIA) to provide structured equity solutions for more than $2 billion of high-quality residential development and transitional real estate projects across the U.S. Investments will be made via RXR’s capital solutions platform.
The partnership is seeded by a $64.25-million structured equity investment in a 327-unit luxury multifamily community located within PV Phoenix, the mixed-use redevelopment of the former Paradise Valley Mall. The project is being developed by Phoenix-based RED Development.
“Expanding our existing relationship with NCIA to form this new partnership allows RXR to scale our capital solutions investment strategy with a long-term, trusted institutional partner,” said Scott Rechler, chairman and CEO of RXR. “Much like private credit, structured equity has evolved into a permanent component of financing the housing market. Together, we aim to partner with top sponsors, leverage our vertically integrated platform, and drive value through our operational expertise and flexible capital.”
The new partnership expands upon the existing relationship between RXR and NCIA, which includes a $475-million commitment to the 1,100-acre Veridea mixed-use master-planned development under construction in Apex, NC.
- ◦Financing
