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.
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