Prospect Ridge Advisors, LLC (“Prospect Ridge”), a leading real estate investment manager, today announced the completion of its previously announced joint venture with AllianceBernstein LP (“AB”), creating a new firm that is uniquely positioned to capitalize on a broad and diverse set of investment opportunities and strategic partnerships. This transaction will allow for continued collaboration with AB and enable Prospect Ridge to grow through direct alignment with investors across the spectrum of risk and return.

Led by commercial real estate investment veterans Brahm Cramer and Jay Nydick and supported by its incumbent team of 17 highly experienced investment professionals, Prospect Ridge will leverage its proven platform, cycle-tested strategy and longstanding industry relationships to pursue opportunistic real estate investments.

“Establishing Prospect Ridge reflects a natural evolution of the platform we’ve built over the last 10 years,” said Mr. Cramer. “Operating as a standalone firm affords us new opportunities to expand our business and develop new relationships while maintaining consistency for our existing investors and operating partners, who will benefit from our ongoing joint venture with one of the leading investment management platforms in the world.”

Prospect Ridge employs a thoughtful acquisition strategy and a hands-on asset management approach across multiple asset classes and geographies. Since inception, the team has acquired 159 assets totaling $6.8 billion of gross cost across its two commingled equity funds (the AllianceBernstein U.S. Real Estate Partners funds). It will continue to manage the existing equity funds, and the experience of investors in those funds is not expected to be affected.

Added Mr. Nydick, “While we begin our next chapter with a new name, what’s not changing is our team, our investment process and the high level of service and attention to detail that we provide our investors. We’ve structured a best-in-class platform that can thrive in all environments, and we believe the dislocation that is beginning to appear in today’s real estate landscape presents a well-timed opportunity to expand our differentiated platform.”

Prospect Ridge will continue to maximize the synergies between its business and that of AB’s real estate debt platform, which has originated $4.9 billion of loans since inception. The real estate debt team is remaining at AB and will continue to be led by Roger Cozzi. The senior principals of Prospect Ridge will remain actively involved in the AB real estate debt business and will retain positions on its investment committee.

“This strategic transaction opens up new avenues of growth from which both Prospect Ridge and AllianceBernstein stand to benefit,” said Seth P. Bernstein, President and CEO of AllianceBernstein. “We look forward to our continued partnership and to contributing to our new JV’s immediate and long-term success.”

About Prospect Ridge Advisors, LLC

Formerly the direct real estate investment arm of AllianceBernstein, Prospect Ridge Advisors is a leading real estate investment manager specializing in opportunistic investing across markets, property sectors and capital structures. Led by commercial real estate investment veterans Brahm Cramer and Jay Nydick and supported by a highly experienced team of investment professionals, Prospect Ridge employs a proven, highly disciplined investment approach to construct diversified portfolios that are well positioned to perform throughout the investment lifecycle. To learn more about Prospect Ridge please visit www.prospectridge.com.