Third Project Secured for $100M GoldenTree Fund

SAO PAULO, BRAZIL-As promised, GoldenTree InSite Partners is wasting little time deploying $100 million of equity into commercial real estate investment in this South American country. Following up on its inaugural two deals in late September, the New York City firm and partner Yuny Incorporadora have acquired the rights for a 24-story residential tower to be constructed adjacent to Sao Paulo’s 450-acre urban oasis, Ibirapuera Park.

“With panoramic park views, expansive full-floor units and first-class finishes, this development will offer buyers the opportunity to live in one of the most sought-after areas in the city,” says GoldenTree InSite Partners Managing Director Josh Pristaw. Most of the units will average 3,600 sf, although the penthouse will encompass two floors. That scale should offer privacy for tenants, says Pristaw, with buyers also expected to be attracted by a range of high-end amenities and services.

Company officials did not provide a timetable for launching or completing the project, but GoldenTree InSite Partners president Tom Shapiro indicates the undertaking will move ahead quickly to take advantage of the country’s booming real estate sector. Shapiro also says the opportunity was made available to GoldenTree largely thanks to its relationship with Yuny, an 11-year old Brazilian real estate company that recently changed its name from Quality Desenvolvimento Imobilario.