California + Los Angeles + Finance | April 26, 2023

Primestor Holds First Closing on New Fund, Targets $300M Capital Raise

Culver City-based Primestor Development, a leading minority-owned and minority-led urban impact real estate developer and investor, said Wednesday it held its first closing for The Urban Vision Fund I, anchored by an equity commitment through Belay Investment Group of up to $100 million and a $25 million equity commitment from LGT Capital Partners. The fund is ultimately targeting $300 million

The Urban Vision Fund I will seek to develop and acquire transit-oriented, mixed-use real estate investment opportunities in urban, minority communities with a geographic focus on California. Primestor’s thesis targets investing in real estate in urban communities characterized by density, high-growth and limited access to essential goods, services and housing.

“We see Belay as an ideal, mission-aligned partner that supports our vision and will work with us hand-in-hand for the success of our projects and the advancement of our company,” said Arturo Sneider, co-founder and CEO of Primestor.

Hear from CRE newsmakers like LaTerra Development Managing Director Chris Tourtellotte. Come together with top dealmakers, owners, investors, lenders and more at Connect LA on May 3 at the Hotel Indigo.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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