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Clarion Partners Real Estate Income Fund Inc. Provides Mezzanine Loan for High-Rise NYC MF Property

SAN MATEO, Calif.--(BUSINESS WIRE)--Clarion Partners Real Estate Income Fund Inc. has provided a mezzanine loan to a joint venture between BentallGreenOak and Slate Property Group to refinance the existing loan and fund additional renovations on a multifamily property known as The Biltmore* in New York City. The mortgage has been provided by Affinius Capital.

Located at the northeast corner of 8th Avenue and West 47th Street in Manhattan, The

Biltmore was developed in 2003; it is comprised of a total of 464 residential units, 34,626 square feet of commercial space and a 61-space parking garage.

“The Biltmore was a particular opportunity to lend on an existing stabilized multifamily property in Midtown Manhattan, a core market which has demonstrated resilience,” said Managing Director and Clarion Partners Real Estate Income Fund Portfolio Manager Janet Souk. “Most importantly, we are pleased to provide financing to The Biltmore’s experienced sponsors, who will use the funds to complete strategic upgrades for the property’s varied tenants.”

Since BentallGreenOak and Slate Property Group acquired the property in 2018, the joint venture has invested over $30 million to renovate apartment units, upgrade the lobby and amenities, modernize the building’s elevators and complete façade repairs.

Clarion Partners, a leading U.S. real estate investment manager, is part of Franklin Templeton’s alternatives business, which spans a broad range of strategies, including real estate, private credit, hedge funds and secondary private equity and co-investments with approximately $257 billion in assets under management as of December 31, 2022.

Clarion Partners Real Estate Income Fund Inc. is distributed by Franklin Distributors, LLC.

About Clarion Partners Real Estate Income Fund Inc.

The Fund offers individual investors direct access to a portfolio of privately-held, income-producing commercial real estate properties through an innovative investment fund driven by Clarion's deep real estate expertise. The Fund is a non-diversified, closed-end management investment company that continuously offers its common stock. The Fund's investment manager, Legg Mason Partners Fund Advisor, LLC is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources") and the fund's investment sub-adviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the Fund's securities sub-adviser, Western Asset Management, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the Fund's complete audited financial statements are available free of charge upon request. More information about the Fund is available at

About Clarion Partners

Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $82.4 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 500 domestic and international institutional investors. More information about the firm is available at

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of February 28, 2023. For more information, please visit and follow us on LinkedIn, Twitter and Facebook.

About Slate Property Group