Brookfield Asset Management Inc. (TSX:BAM.A) acquired a 51% stake in Portfolio of 5 Multifamily and Mixed-Used Properties in New York and California from Carmel Partners, Inc.
January 24, 2022
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Brookfield Asset Management Inc. (TSX:BAM.A) acquired a 51% stake in Portfolio of 5 Multifamily and Mixed-Used Properties in New York and California from Carmel Partners, Inc. on December 30, 2021. The portfolio includes a 30-story rental tower in Manhattan and buildings in Los Angeles and the Bay Area. Brookfield is taking full ownership of the portfolio after acquiring 49% of the interests in the portfolio in 2017 in a real estate secondaries transaction. In connection with the closing, Brookfield refinanced one of the properties and assumed the debt secured by the remaining properties. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Brookfield Asset Management Inc. The Cleary real estate team on the transaction included partner Steve Wilner and senior real estate staff attorney David Groman.
Brookfield Asset Management Inc. (TSX:BAM.A) completed the acquisition of a 51% stake in Portfolio of 5 Multifamily and Mixed-Used Properties in New York and California from Carmel Partners, Inc. on December 30, 2021.
Brookfield Corporation is an owner and operator of real assets. It is focused on compounding capital over the long term to earn attractive total returns for its shareholders. Its operating segments include the asset management business and insurance solutions business. Its operating businesses include Renewable Power and Transition business, which includes the ownership, operation, and development of hydroelectric, wind, utility-scale solar power generating assets and distributed energy and sustainable solutions; Infrastructure business, which includes the ownership, operation and development of utilities, transport, midstream, and data assets; Private Equity business, which is focused on the ownership and operation of business services and industrial operations; Real Estate business , which includes the ownership, operation and development of core and transitional and development investments, and Corporate Activities, which include the investment of cash and financial assets.
Brookfield Asset Management Inc. (TSX: BAM.A) acquired a 51% stake in Portfolio of 5 Multifamily and Mixed-Used Properties in New York and California from Carmel Partners, Inc.
BROOKFIELD CORPORATION 
