{"id":1004042451,"date":"2012-07-05T05:56:26","date_gmt":"2012-07-05T13:56:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004042451"},"modified":"2022-12-08T20:06:03","modified_gmt":"2022-12-09T04:06:03","slug":"wheelock-receives-525m-in-commitments-for-first-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/","title":{"rendered":"Wheelock Receives $525M in Commitments for First Fund"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/strong><\/p>\n

Wheelock Street Capital has closed on $525 million in commitments for its first fund and expects to use that money on a wide range of real estate investments throughout the U.S. from single assets such as hotels to large land deals.<\/p>\n

In the past 18 months, the private real estate investment firm has been active, picking up at least four hotels, a student housing complex in Virginia and thousands of acres of residential land from Colorado to North Carolina and Texas. The deals are often executed with high-quality joint venture partners through acquisitions, restructurings and recapitalizations. Led by veteran real estate private equity investors Merrick \u201cRick\u201d Kleeman and Jonathan Paul, the firm plans to continue that strategy using both the traditional opportunity fund and operator models.<\/p>\n

The Wheelock Street Real Estate Fund L.P. received commitments from a variety of investors, including endowments, alternative asset managers, pension plans, foundations and family offices, according to the firm. The fund\u2019s original target was $500 million but it was quickly increased to $525 million after excess demand following the first closing in late 2011.<\/p>\n

\u201cWe were fortunate to have gained momentum at the outset of the raise due to support from key lead investors,\u201d said Kleeman, a co-founder and managing partner.<\/p>\n

\u201cWe believe that at this level of capital commitments, the fund is well positioned to capitalize on current market opportunities while maintaining a high level of selectivity and focus,\u201d added Paul, the other co-founder and managing partner.<\/p>\n

The two principals founded Wheelock in 2008 after each had more than 20 years of real estate transaction experience at firms like Starwood Capital Group, Rockpoint Group and Westbrook Partners. Wheelock is headquartered in Boston and Greenwich, Conn., with offices in New York City, Washington, D.C., and Tampa, Fla.<\/p>\n

While the firm has focused mainly on the hospitality and residential land markets, it also seeks opportunities in office, multi-family, retail and student housing. They have in-house experts on asset classes, particularly the hospitality and residential land markets, but also frequently join with operating partners. In May 2011, Wheelock formed a joint venture with Iconic Development to acquire Terrace View Apartments, a student housing complex near two major universities in Blacksburg, Va.<\/p>\n

Wheelock has also invested heavily in residential land in master-planned communities such as Traditions at Heritage, a 364-acre development in Wake Forest, N.C., a suburb of Raleigh, N.C. Once completed, it will have over 700 homes with prices ranging from the $200,000s to more than $500,000. More recently, it bought a 1,700-acre master-planned community near Denver from PulteGroup for the remaining developed lots and undeveloped land in the Anthem Ranch and Anthem Highlands developments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The private real estate investment firm says it expects to use the money on a wide range of real estate investments throughout the U.S., from single assets such as hotels to large land deals.<\/p>\n","protected":false},"author":1068,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21742],"tags":[],"class_list":["post-1004042451","post","type-post","status-publish","format-standard","hentry","category-hotel","category-latest"],"acf":[],"yoast_head":"\nWheelock Receives $525M in Commitments for First Fund - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wheelock Receives $525M in Commitments for First Fund\" \/>\n<meta property=\"og:description\" content=\"The private real estate investment firm says it expects to use the money on a wide range of real estate investments throughout the U.S., from single assets such as hotels to large land deals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-05T13:56:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:06:03+00:00\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/\",\"name\":\"Wheelock Receives $525M in Commitments for First Fund - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2012-07-05T13:56:26+00:00\",\"dateModified\":\"2022-12-09T04:06:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Wheelock Receives $525M in Commitments for First Fund\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Wheelock Receives $525M in Commitments for First Fund - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/","og_locale":"en_US","og_type":"article","og_title":"Wheelock Receives $525M in Commitments for First Fund","og_description":"The private real estate investment firm says it expects to use the money on a wide range of real estate investments throughout the U.S., from single assets such as hotels to large land deals.","og_url":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-07-05T13:56:26+00:00","article_modified_time":"2022-12-09T04:06:03+00:00","author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/","url":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/","name":"Wheelock Receives $525M in Commitments for First Fund - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2012-07-05T13:56:26+00:00","dateModified":"2022-12-09T04:06:03+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/wheelock-receives-525m-in-commitments-for-first-fund\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Wheelock Receives $525M in Commitments for First Fund"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004042451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004042451"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004042451\/revisions"}],"predecessor-version":[{"id":1004619333,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004042451\/revisions\/1004619333"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004042451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004042451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004042451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}