NEW YORK CITY—Savanna, a New York City based real estate investment firm, completed its largest fundraise to date. With $591 million of capital, the closing achieved the upper end of its initial target of up to $600 million and is over 30% larger than the prior fund in the firm's value-add series. Investors include public and private pension funds, insurance companies, high net worth family offices, foundations, and wealth management companies from North America, South America and Europe.
The fund will be focused exclusively on investments in the five boroughs of New York City and will be a continuation of the firm's strategy to acquire older properties and add value, repositioning them with capital improvements and leasing efforts.
To date, the fund has invested in two Manhattan properties, 31 West 27th Street and 19 West 44th Street.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
