Principals of The Hakimian Organization, a developer and property manager of New York real estate since 1970, have partnered with NewMark Capital LLC to form a real estate investment fund.
NewMark, a registered investment advisor currently managed $1 billion in corporate bank loans and other credit assets, and Hakimian will form North Point Capital Group LLC.
The fund will invest in value-add real estate investment opportunities in the Tri-State area, targeting underperforming real estate assets, including multi-family, office, retail and industrial properties.
The fund will also target specialized lending, including distressed notes, mezzanine financing and preferred equity. The first fund is projected to raise $50-$100 million in equity.
“With our comprehensive understanding of the New York real estate market, combined with NewMark Capital’s expertise in leveraged lending, structured finance and credit investing, we are confident in North Point Capital’s ability to achieve strong capital appreciation and investment returns,” said Managing Partner, Shawn Hakimian.
Led by brother Ben and Joe Hakimian, the Hakimian Organization has been a developer, owner and manager of luxury high-rise and mid-rise
properties in the New York City area for over 45 years. With a sterling reputation as a full-service firm,
NewMark Capital sponsors and manages leveraged loan funds on behalf of institutional investors such as pension funds, hedge funds, other asset management firms, banks and insurance companies.
The loan funds are or have been focused in corporate credit, including performing and non‐performing leveraged loans, high yield bonds, mezzanine debt and structured credit products