Ropes & Gray represented Allianz Real Estate in its investment in Upward America Venture. The transaction was announced on March 17. The press release is here.
Upward America Venture will be led by the Lennar Corporation, and will focus on making brand new homes affordable to households earning approximately the median income in each market. The business will initially be capitalized with a total equity commitment of $1.25 billion led by Centerbridge alongside Allianz Real Estate and other high quality institutional investors.
The Ropes & Gray team that represented Allianz Real Estate was led by real estate partner Richard Gordet (Boston), and included senior funds attorney Natasha Koffman (New York), and tax partner Kristen Chang Winckler (New York).
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