North Carolina Retirement Systems is injecting $119m (€109m) of capital into one of its separate accounts to pay off the debt of two multifamily assets.

The $113bn pension fund confirmed it had allocated the capital to NorthRock Fund IV, a $345m separate account managed by Rockwood Capital.

It will be used to pay off debt owed by two core multifamily assets, but Nortth Carolina Retirement declined to identify the specific assets involved.

North Carolina Retirement told IPE Real Assets that it made more sense financially to pay off the debt than refinance the properties at today’s higher lending costs.

Rockwood Capital has full investment discretion on the NorthRock Fund IV account which was established in 2016 to invest in core US real estate. 

The fully invested account holds office and multifamily assets.

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