The mixed-use redevelopment will allow for a total of 4,600 homes.

Multifamily rents are expected to head back to positive territory after a first-quarter slump.

Also, vacancy ticking up could put more pressure on rents.

The fund seeks to take advantage of buying up distressed and vacant buildings or land in general.

Some say the cap is too high, while a local landlord argues it won’t cover rising costs.

While some more pain could be on the way, vacancy could drop to 5% in the coming years.

The financing is provided by a $850 million CMBS.

The largest deal involved an asset in Lenox Hill.