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Latest Atlanta & Southeast Opportunity Zones Stories
Bethesda, MD-based Walker & Dunlop, Inc., has structured $47 million in financing for the development of The Line, a 219-unit, Class A+ multifamily project in Savannah, GA. The property is located in downtown Savannah within an Economic Opportunity Zone census tract. Opportunity zones were established by Congress in the Tax Cuts and Jobs Act of …
Avanath Capital Management, LLC, has completed the $19.2-million acquisition of the Arbors at Cary, a 248-unit affordable housing community in the Raleigh metro area of Cary, NC. PGIM Real Estate served as Avanath’s equity partner and lender. The firm plans to redevelop the 1967- and 1971-constructed community under opportunity zone legislation, its first effort. “The …
Latest Boston & New England Opportunity Zones Stories
Bank Rhode Island’s commercial real estate division has provided $7.9 million to Cathedral Development Group, Inc., to refinance the Hanora Lippitt Mills housing complex in Woonsocket, RI, according to published reports. Hanora Lippitt Mills features 117 affordable housing units dedicated for elderly and disabled residents. A historic textile mill whose oldest section was constructed in …
More than 13 legislators from the New England region as of October 22, 202, have signed on as cosponsors of The Affordable Housing Credit Improvement Act of 2021: ConnecticutSen. Christopher Murphy (D)Rep. James Himes (D)Rep. John Larson (D) MaineSen. Susan Collins (R) MassachusettsRep. Jake Auchincloss (D)Rep. Katherine Clark (D)Rep. James McGovern (D)Rep. Ayanna Pressley (D)Rep. …
Latest California Opportunity Zones Stories
USC Gould School of Law is holding its USC Gould 2022 Real Estate Law and Business Forum tomorrow. The event will be held at the Jonathan Club in downtown Los Angeles. It will include opportunities to meet industry experts, learn about current trends and network with other commercial real estate professionals. Some of the workshops …
The goal of increasing access to affordable housing is getting a boost in San Francisco with the city, developers, realtors and housing advocates all hoping for an all-around win on this front. Mayor London Breed’s office and the SF Board of Supervisors have closed a deal with Maximus Real Estate Partners and Crescent Heights, a …
Latest Chicago & Midwest Opportunity Zones Stories
Cresset Partners said Wednesday it had closed its first industrial-focused fund, the Cresset Real Estate Logistics Fund I at more than $250 million, which will finance the development of nine state-of-the-art warehouse facilities. To meet ongoing demand for warehouse space, Chicago-based Cresset has launched its second industrial fund. In addition, Cresset has closed its second …
A&G Real Estate Partners is now accepting bids for its June 14 bankruptcy auction of more than 50 properties in and around Manhattan, KS. The assets include several development sites and multi-unit buildings in a federal Opportunity Zone adjacent to Kansas State University. “This bankruptcy auction features assets that will be of interest to a wide array of …
Latest Florida & Gulf Coast Opportunity Zones Stories
PTM Partners and DoveHill Capital Management have formed a joint venture partnership on the Edge Collective, a mixed-use, qualified opportunity zone development located on Central Avenue in St. Petersburg, FL. PTM Partners acquired the development’s 1.6-acre parcel site (currently a parking lot and vacant commercial building) in October 2019 for $13 million. Edge Collective will …
JBM Institutional Multifamily Advisors has completed $119 million worth of closings on four separate west Florida properties. Circa at Fishhawk Ranch, a 260-unit Class-A asset in Lithia, was acquired by GMF Capital from Inland Real Estate Group for $66.2 million. According to JBM, at closing the price was the highest per-unit paid for a 2015 …
Latest Global Opportunity Zones Stories
Latest Lenders Opportunity Zones Stories
Latest National Opportunity Zones Stories
December 31, 2021 marked the end of the 10% basis step-up benefit for investments in Qualified Opportunity Funds (QOFs), which invest in Qualified Opportunity Zones, or QOZs. Yet according to a report issued by Novogradac, $28.4 billion in equity was raised by QOFs in Q1 2022, a 16.3% increase over the $24.4 billion reported at …
When the Opportunity Zones tax incentive was established under the Tax Cuts and Jobs Act of 2017, the goal was to help direct capital to federally designated, lower-income areas to help spur economic revitalization. Now some members of the Senate and House of Representatives want to extend the federal opportunity zones (OZ) incentive, ensure reporting …
Latest New York & Tri-State Opportunity Zones Stories
GTIS Partners, a global real estate investment firm with $4.7 billion in gross assets under management focused on residential and industrial real estate investments, is launching its GTIS Qualified Opportunity Zone Fund II on July 1. Fund II is a continuation of the strategy employed by its predecessor GTIS Qualified Opportunity Zone Fund I, which raised …
Nonprofit AHRC New York City and its broker Denham Wolf Real Estate Services have sold 32-03 and 31-17 39th Ave., a combination of two highly visible corner lots in Long Island City, Queens for $28,625,000. The buyer was 39th Ave Equity, LLC. Located in a Qualified Opportunity Zone, just outside the core area of Queens …
Latest Phoenix & Southwest Opportunity Zones Stories
The first and only hotel connected to the Tucson Convention Center, DoubleTree by Hilton Tucson Downtown, opened its doors this week, according to CaliberCos Inc. and Ryan Companies US Inc. The project broke ground in May 2019 and was the first Opportunity Zone project in Arizona for Caliber and Ryan Companies. This new hotel supports …
Pintar Investment Company and Suncrest Real Estate & Land recently acquired an 8.68-acre Opportunity Zone parcel in Phoenix. The partnership identified the land parcel opportunity for a 109-unit build-to-rent community called Zora Encanto as an investment within the PICOZ Fund I L.P. This is the fourth asset in this investment vehicle. “We have been actively …
Latest Seattle & Northwest Opportunity Zones Stories
Seattle-based Spectrum Development Solutions and investment firm Pinnacle Partners have acquired a 5.75-acre site and will develop a 160-unit Class A multifamily project in the University District of Spokane, WA. The development is located within an opportunity zone, providing economic incentives for Spokane and the real estate investment community. “This is a terrific opportunity for …
Kidder Mathews brokered three building sales in Olympia’s downtown core, totaling nearly $40 million. This demonstrates the increasing interest from investors and developers in the Thurston County suburban market, due largely to the attractive pricing in the market, the Opportunity Zone in downtown Olympia, and great access to Olympic Peninsula and Puget Sound. As workers …
Latest Texas Opportunity Zones Stories
Two workforce multifamily properties in a Houston Qualified Opportunity Zone recently sold for an undisclosed purchase price. Indus Management, a multifamily management company also based in Houston, acquired the properties for a combined total of 687 units. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia Houston marketed The …
The $100 million LoneStar Life Sciences OZ Fund LLC recently launched, seeking accredited investors for an investment in indoor growing facilities. These facilities will house hops and other crops along with sales of related products from rural agricultural opportunity zones near Lockhart and San Marcos, TX. The fund will invest all of the net proceeds …
Latest Washington DC Opportunity Zones Stories
The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established by Woodforest National Bank and CEI-Boulos Capital Management, has placed a $1.1 million equity investment in the Zero Energy North Avenue Affordable Housing initiative. The project is located in the “Black Arts District” in West Baltimore’s Penn North neighborhood. The fund …
Landmark Dividend, LLC, has acquired approximately 1.2 million square feet of data center space within Loudoun County’s historic Quantum Park development located in the heart of Northern Virginia’s Data Center Alley. The acquisition marks Landmark’s 35th data center transaction; digital infrastructure assets now comprise more than $1 billion of the company’s assets under management. Featuring …