NEW YORK, Nov. 12, 2025 (GLOBE NEWSWIRE) — Prospect Credit REIT, LLC (“PCRED”), a non-traded real estate fund focused on real estate credit managed by an affiliate of Prospect Capital Management L.P. (“Prospect”), has closed on a credit investment to recapitalize Skyline Apartments, a 588-unit, Class A stabilized cash-flowing multifamily property in New Rochelle, NY. Originally constructed in 2007 by AvalonBay, the property is owned by a joint venture between affiliates of Harbor Group International and Azure Partners.
“Prospect Credit REIT continues to focus on originating and closing Class-A multifamily credit investments in attractive submarkets for sponsors with strong track records,” said Grier Eliasek, President and Chief Executive Officer of PCRED. “The Skyline investment serves as another example of Prospect’s differentiated investment approach that capitalizes on Prospect’s real estate operational capability and status with Freddie Mac.”
“Skyline is a highly-amenitized high-rise community that offers a meaningful discount to rents compared to properties in New York City as well as nearby new developments,” said Joseph Ryu, Managing Director and head of Prospect’s real estate credit platform. “Steps from the New Rochelle Metro-North station only 30 minutes from Grand Central Station in Midtown Manhattan, this transit-oriented property offers substantial value relative to comparable housing alternatives throughout New York City.”
The preferred equity investment was issued alongside a new Freddie Mac senior loan provided by NewPoint Real Estate Capital.
For more information on PCRED, please call (888) 212-2032 or email: investorservices@pcredreit.com.
About Prospect Capital Management L.P.
Prospect is an SEC-registered investment adviser headquartered in New York City that, along with its predecessors and affiliates, has 38 years of experience investing in and managing debt and equity investments using both private partnerships and publicly traded closed-end structures. Prospect and its affiliates employ a team of over 140 professionals and offers investments across credit, private equity, and real estate. Prospect, together with its affiliates, has $7.5 billion of regulatory assets under management as of June 30, 2025.
Prospect and its affiliates’ real estate platform invests in U.S. commercial real estate including senior mortgages, subordinated loans, preferred and other equity investments. As of June 30, 2025, Prospect and its affiliates have invested in over 44,000 units with initial property value of $3.9 billion and have realized 52 investments.
Disclosures
This material is educational in nature and does not constitute an offer to sell or the solicitation of an offer to buy any securities. All statements, assumptions and opinions included in this material are based upon current market conditions as of the date of the material and are subject to change. This material does not purport to be all-inclusive or otherwise contain all of the information that a prospective investor may need or desire concerning an investment. Prospective investors should read the Confidential Private Placement Memorandum of PCRED in its entirety before making a decision to invest. Investment in PCRED is for Accredited Investors only. There is no guarantee that PCRED’s objectives will be met or that PCRED will qualify as a REIT. NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF ANY OFFERING AND ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Neither PCRED nor Prospect is adopting, making a recommendation for or endorsing any investment strategy or particular security. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. All investing is subject to risk, including the possible loss of principal. Prospect cannot guarantee that the information herein is accurate, complete or timely. We make no representation or warranty in respect of any information derived from the third-party sources which has not been independently verified.
Investing in the Fund during a private placement is speculative and involves a high degree of risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. A private placement has a relative lack of liquidity and is suitable only for persons of substantial financial means who have no need for liquidity. There can be no assurance that PCRED’s investment objectives will be met. An investor should carefully consider the fees and expenses, and other information found in the PPM, including the “Risk Factors” section, before making an investment decision.
Ultimus Fund Distributors (Member FINRA/SIPC) is the Dealer Manager for Prospect Credit REIT, LLC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90572553-f8ff-42c6-bb05-7895e4a6e3ab
