Celestial Real Estate Fund I, LLC was formed in 1999 to acquire, own and operate a portfolio of office and retail properties in the New York Metropolitan area.  It raised $3.8 million in equity from 40 investors.  CREF I acquired interests in four office buildings and one shopping center representing nearly 400,000 square feet in Westchester (N.Y.) and Fairfield (Connecticut) counties.  The Fund is fully invested and generating distributable cash flow.  All properties have been refinanced and three have been sold.   The investors have received distributions approaching 200% of their original investment and retain substantial equity in the Fund’s two remaining properties.  The fully diluted effective annual internal rate of return to the Fund’s investors is projected to be approximately 18%, net after all fees and carried interest to CCGL and its affiliates.

Celestial Real Estate Fund II, LLC was formed in 2004 as a continuation and expansion of CCGL’s value-added investment program.  It raised $10 million in equity from 70 investors.  It acquired interests in five office buildings representing nearly 400,000 square feet in Westchester (N.Y.) and Fairfield (Connecticut) counties.  The Fund is fully invested.  Two of the Fund’s investments have been sold at a profit.  The other three investments are still in the value creation stage of their life cycle.  The target fully diluted effective annual internal rate of return to the Fund’s investors is 14%, net after all fees and carried interest to CCGL and its affiliates.

Celestial Real Estate Fund III, LLC was formed in 2007 to facilitate a tax-deferred reinvestment by certain members of CREF II upon the sale of that Fund’s Fairfield, Connecticut properties.  CREF III raised $4.35 million in equity from 47 investors.  In addition, an affiliated LLC which owned an interest in the Fairfield properties raised $1.62 million in equity from 11 investors.  Due to the unsettled state of the capital markets in early 2008, when both entities were required to designate potential replacement properties, CCGL elected not to complete a tax-deferred reinvestment, as CCGL could not secure a replacement property meeting its stringent acquisition criteria.  Thus, CREF III and the affiliated LLC distributed their cash in 2008.  Much of the distributed cash has been informally committed to CREF IV.

Celestial Real Estate Fund IV, LLC was formed in 2010 as a further continuation and expansion of CCGL’s established value-added investment strategy.  CREF IV had 2 closings in 2010, in which 49 investors committed to $6,325,000 of capital contributions.  CREF IV will continue to raise capital through April 30, 2011.  CREF IV has acquired interests in 2 office projects comprising 226,000 square feet in Westchester (NY) and New Haven (CT) counties. It is under contract to acquire an interest in a 110,000 square foot grocery anchored strip shopping center in Middlesex (CT) County.