National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Halpern Real Estate Ventures Closes Inaugural Commingled O-Zone Platform
Halpern Real Estate Ventures (HREV) achieved its $50 million target in its inaugural Opportunity Zone Platform. The funds, which were raised in just nine months, will support more than $1 billion in new development. The fund structure allows HREV to serve as a general partner in up to five development initiatives, including recently- acquired projects in Denver, Jersey City and Philadelphia.
One such project supported by the platform will be Train Denver, a transit-oriented development centered around the 38th and Blake commuter rail station in RiNo, a former industrial zone in Denver. HREV, in conjunction with local partner Invent Development Partners, is developing a mixed-use project with 275,000 square feet of office space, up to 200 residential units, a 200-key hotel, and dining and entertainment options. The Opportunity Zone developments in Jersey City and Philadelphia will be finalized in 2020.
HREV’s Jon Halpern acknowledged the difficulty in both raising funds and identifying projects that could take advantage of the Opportunity Zones program’s 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,” he added.
Pictured: Train Denver
For comments, questions or concerns, please contact Amy Sorter
- ◦Financing
- ◦Development
