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Shorewood, Bridge, Capricorn Partner on $155M O-Zone Project
Shorewood Real Estate Group has formed a $155-million Opportunity Zone partnership with Bridge Investment Group LLC and Capricorn Investment Group LLC. The partnership, which brings together three prominent players in the Opportunity Zone space, will develop a 315-unit rental project in Queens’ Jamaica neighborhood.
“We’re excited to align ourselves with such distinguished partners on this important project,” said Shorewood president and CEO S. Lawrence Davis. “With our firms’ combined experience in urban real estate, I’m confident this partnership will have a positive impact in Jamaica and other future community development projects.”
The announcement comes a few days after Bridge said it had exceeded its $500-million goal for its first Opportunity Zone fund. It identified Queens as one of the markets in which the fund would be deployed.
Shorewood didn’t provide specifics on the Jamaica project’s location or the timeline for development.
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