Related Cos. Closes $825M Distressed Fund

NEW YORK CITY-The Related Cos., the developer and manager behind Hudson Yards, has closed on a recovery fund with equity commitments of $825 million, the company announced in a statement Monday morning. The fund—established in 2009—exceeded its original $750-million target due to high investor interest and strong investment deal flow in New York, Illinois and Florida.

The company established the fund nearly two years ago in order to offer its institutional partners investment opportunities in the distressed property business throughout the US. The fund has made several investments in Manhattan, including 511-541 W. 25^th St., One Madison Park and 225 Rector Pl. in Midtown South and Downtown, respectively. The fund has also invested in 111 W. Wacker Dr. in Chicago and Oasis in Fort Meyers, FL.