NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) -- Prospect Capital Management L.P. (“Prospect”), through its real estate private credit platform, has closed on an investment to recapitalize The Frederick, a 193-unit, Class A stabilized cash flowing multifamily property in Brooklyn, New York. Constructed in 2018, the property is owned by a joint venture between an affiliate of Harbor Group International, LLC, a global real estate investment manager, and Coney Realty & Management, a privately-owned multifamily operator based in Brooklyn.

“Prospect’s real estate platform continues to identify high-quality multifamily investments in outperforming submarkets,” said Grier Eliasek, Prospect Capital Corporation’s President and COO. “This transaction further demonstrates our ability to invest in attractive opportunities with top-tier sponsors.”

“The Frederick offers a luxury residential experience at an attractive price point in one of New York City’s tightest submarkets,” said Joseph Ryu, Principal and head of Prospect’s real estate credit platform. “The Frederick is a highly-amenitized asset with proximity to Prospect Park and accessibility to numerous MTA lines that we expect to continue to support demand and rent growth.”

The preferred equity investment was issued behind a new Freddie Mac senior loan provided by NewPoint Real Estate Capital.

The transaction marks Prospect’s latest real estate private credit investment following a $12.0 million preferred equity investment on The Roadrunner on McDowell, a 356-unit multifamily property in Scottsdale, AZ, which closed in February 2025.

About Prospect Capital Management L.P.

Prospect, headquartered in New York City, is an SEC-registered investment adviser that, along with its predecessors and affiliates, has 37 years of experience investing in and managing high-yielding debt and equity investments using both private partnerships and publicly traded closed-end structures. Prospect and its affiliates employ a team of 150 professionals and offer investment solutions across credit, private equity, and real estate.

Prospect’s real estate platform invests in U.S. commercial real estate credit including senior mortgages, mezzanine loans and preferred and other equity investments. As of December 31, 2024, Prospect and its affiliates had invested in over 32,000 multifamily units, with initial property value of $3.5 billion, and realized 36 multifamily investments.

Prospect, together with its affiliates, has $8.3 billion of regulatory assets under management as of December 31, 2024. For more information, call (212) 448-0702 or visit www.prospectcap.com.

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