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OZ Fund Closing Brings Renewal of Brockton Building with Boxing Background
The 28 Petronelli OZ Fund LLC has completed its capital raise by Javelin Securities for the redevelopment of a historic building into 18 rental apartment units. The property is in downtown Brockton next to the commuter rail station that serves Boston.
“This building is special to our city because it was where professional boxers, including Marvelous Marvin Hagler, trained with Pat and Goody Petronelli.” said Brockton mayor Robert F. Sullivan. “This development is another key piece in the exciting transformation downtown as we create a vibrant new neighborhood with transit-oriented housing, a pedestrian mall, shops and more.”
“While we are always pleased to help fund worthwhile OZ development projects, we were thrilled that HarborOne Bank participated in the equity portion of this capital raise,” said Wally Sullivan, president and CEO of Javelin Securities. “This is the first example, that we know of, where a bank will utilize the QOF exemption made available by regulators.”
- ◦Development
