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Sat 3 Aug 2019 12:01 AM

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Dubai's Eagle exits investment in luxury New York residential project

Eagle Proprietary Investments Limited has announced its successful exit from its debt investment in $75m Cobble Hill House

Dubai's Eagle exits investment in luxury New York residential project

Dubai-based Eagle Proprietary Investments Limited has announced its successful exit from its debt investment in The Cobble Hill House, an upscale residential condominium development in Brooklyn, New York valued at over $75 million.

The Cobble Hill House is a new, 27-unit residential development built in the highly desirable neighbourhood featuring luxurious condominiums and amenities with views of Downtown Manhattan.

In April 2017, Eagle led the structuring of a senior secured construction loan secured against the land and building rights of the project.

This transaction is Eagle’s sixth real estate investment in the US market.

Elias Kawar, responsible for Eagle’s real estate investment activities, said: “We are very pleased to have successfully exited our debt investment in the Cobble Hill House. This transaction was a true testament to our ability to originate, structure and partner with best in class developers and operators to deliver solid risk adjusted investment returns”

Raj Dvivedi, CEO of Eagle, added: “Our investment in Cobble Hill House demonstrates our underlying approach to investing in well-defined opportunities alongside solid partners in robust markets and sectors. We continue to build a pipeline of similar opportunities across markets of focus where our experience and partnerships add value”

Eagle said its real estate investment strategy which focuses on yield driven investments in both the residential and commercial sub-sectors has increased over the past few years.

In 2018, Eagle and its US based partners led a joint venture to acquire two income generating class A institutional quality office buildings totaling over 310,000 sq ft with a total value of approximately $70 million in the US.

Eagle Proprietary Investments Limited is an investment firm based in the Dubai International Financial Centre.

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