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EJF Will Invest in Oakland Moxy Project Through Opportunity Zone Fund
EJF Capital LLC joined Tidewater Capital and Graves Hospitality to develop Marriott International’s new Moxy hotel in the Uptown neighborhood of Oakland, CA. Uptown qualifies as an Opportunity Zone, and EJF will provide equity capital on the project primarily through its EJF OpZone Fund I LP, which it formed last year.
“This is exactly the type of investment the Opportunity Zone program is intended to generate,” said EJF COO Neal Wilson. “And we are pleased to support the greater Oakland community through the development of this exciting hotel concept, which is expected to bring 50 permanent jobs to downtown.”
San Francisco-based real estate investment manager and developer Tidewater Capital led the effort to entitle the site, and will manage the construction process of the 173-key Moxy property, slated to open in 2021. Minneapolis-based Graves Hospitality is one of Marriott’s exclusive partners for development of the Moxy brand.
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- ◦Development
