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Halpern Closes on O-Zone Development Platform
New York City-based Halpern Real Estate Ventures (HREV) closed on its inaugural Opportunity Zone Platform after achieving its target of $50 million in general partner capital in nine months. The platform will support up to $1 billion in new development.
HREV will serve as GP in up to five development initiatives in key urban markets, including recently-acquired projects in Denver, Jersey City and Philadelphia.
“Understandably, the Opportunity Zone program generated immense investor attention when it was introduced in 2017,” said Jon Halpern, CEO of HREV. “Following the launch of the program, however, there were perceived difficulties not just in raising capital, but in identifying specific projects that can take full advantage of the program’s unique financial incentives.
“We’re particularly proud to be able to move forward with impactful, entitled development initiatives through our platform, the majority of which will be fully capitalized and shovel-ready in 2020,” Halpern added.
Pictured: HREV’s Train project in Denver.
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