We advised Cadre on its joint venture with a leading global asset manager and advised the joint ventures on the transaction

Davis Polk advised Cadre on its joint venture with a leading global asset manager, advised the joint venture on its separate joint venture with property operator Ethos, and advised both joint ventures on the $120.25 million acquisition from an affiliate of Walton Street Capital of The Harvest at Marmalade, a new multifamily development in Salt Lake City, Utah and the related acquisition mortgage financing provided by Mesa West Capital. The property is a newly-built, 252-unit development situated in downtown Salt Lake City.

Cadre is a tech-driven commercial real estate investment platform that invests in single multifamily properties generating good cash yields and internal rates of return. Since the platform was launched in 2014, Cadre has closed more than $3.3 billion in real-estate transactions in more than 16 markets across the United States. It has attracted several big-name investors, including the Ford Foundation and Andreesen Horowitz.

Walton Street Capital is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity and loan commitments of approximately $14 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals.

Ethos is a new firm focused on establishing investment structures that leverage private capital for the production of housing at all income levels. Founded in 2021, its principals have prior experience in real estate investment banking, private equity, development and partnership with the public sector.

Mesa West Capital is a leading commercial real estate portfolio lender that since its founding in 2004 has closed more than 300 transactions totaling over $16 billion.

The Davis Polk real estate team included partner Brian S. Lichter and associates Nicholas Soilleux, Rachel M. Feldstein and Omar Ashmawy. Partner Ethan R. Goldman and associates Benjamin Helfgott and William Liang provided tax advice. Partner Leor Landa provided investment management advice. Counsel Charles Shi provided executive compensation advice. All members of the Davis Polk team are based in New York.

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