Goldman Sachs and L+M Development Partners Announce new Urban Investment Fund
New York, April 4, 2008—Goldman Sachs’ Urban Investment Group (UIG) and L+M Development Partners Inc. have announced the launching of a new urban opportunity investment fund through the formation of GSLM Capital Partners LLC.
The purpose of GSLM Capital Partners LLC is to identify and invest in urban development opportunities throughout the New York Metropolitan Area, the Northeast, Mid-Atlantic regions and California. The fund will focus on investments in mixed-income housing development, land acquisition in urban areas, partnerships with local community-based development groups, and partnering in businesses with a mission of socially responsible development.
The new partnership expands an already proven relationship between L+M and Goldman Sachs UIG. Together these two groups are financing and developing four projects in the New York City Metropolitan Area. Among the projects that the groups have successfully worked together on is the Kalahari on 116th Street in Harlem. The Kalahari is the largest mixed-income home ownership project being constructed in New York City. Occupancy of the 250 condominium unit, mixed-use “green” building is expected in the third quarter of 2008.
“We are very excited to enter into this new relationship with Goldman Sachs. We think that by combining L+M’s outstanding reputation and creative approach to affordable and mixed use market rate housing, with UIG’s strong national reputation, we will be able to leverage our already successful partnership into new markets and into new ventures” said Ron Moelis, CEO of L+M Development Partners.
With investments ranging from $2 million to $20 million of equity, the Fund will target projects that provide affordable and work-force housing and community-serving retail in New York and other dense and ethnically diverse markets around the country.
“We’re proud to expand our relationship with L+M. Together, L+M and UIG will be able to further enhance our mission of revitalizing and improving the urban environment by making catalytic investments in underserved and transitioning neighborhoods” said Alicia Glen, Managing Director of Goldman Sachs UIG.
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Press Release: L+M Development Partners