News — page 3
Novogradac: QOF Fundraising Growth Rate Up Year-Over-Year Despite Q2 Slowdown
According to new data from Novogradac , capital raising by Qualified Opportunity Funds slowed in the second quarter of 2022, compared to Q1, as broader markets slumped and inflation hit four-decade highs. As of June 30, 2022, Qualified Oppo
Revitate Launches OZ Fund Focused On Emerging Cities
Revitate has launched fundraising for its Impact OZ Fund 2022, marking the fourth Qualified Opportunity Fund (QOF) led by co-founders Alex Bhathal and Lisa Merage. The new fund will focus on multifamily and industrial projects in emerging m
OpportunityDb To Host OZ Pitch Day On Thursday, July 28th
OpportunityDb is set to host OZ Pitch Day Summer 2022 tomorrow, July 28th, beginning at 10:00 AM Eastern Time. Silicon Valley OZ fund manager Urban Catalyst is the Title Partner for this event. It will be the sixth OZ Pitch Day that Opportu
Capital Square Breaks Ground On Charleston OZ Project
Capital Square announced that it has broken ground on its ROOST Apartment Hotel project in Charleston, South Carolina, targeting a completion of construction in approximately one year. The project, located at 529 King Street in Charleston,
Pinnacle Partners' Spokane OZ Projects Move Forward
Opportunity Zone investment firm Pinnacle Partners is partnering with Spectrum Development Solutions on a 160-unit apartment building in Spokane's University District. The four-story building will have a footprint of more than 100,000 squar
Veterans Victory OZ Project in Colorado Springs Receives Equity Investments
A 240-unit multifamily community known as Veterans Victory in Colorado Springs, CO has received equity investments from Tocqueville Asset Management and CapZone Impact Investments. The Opportunity Zone development includes over 300,000 squa
GTIS Partners Launches Second OZ Fund
After raising $630 million in one of the largest OZ funds to date, GTIS Partners has announced the launch of its second Qualified Opportunity Fund (QOF). The GTIS Qualified Opportunity Zone Fund II will be open to accredited investors on Ju
Mixed Use Birmingham OZ Project Moves Forward
Parkview Financial has provided a $22.5 million loan for the redevelopment of a mixed-use project located in Birmingham, Alabama. The five-story building, which has been empty since being vacated by the American Red Cross in 1999, will be d
Urban Catalyst's Second OZ Fund Hits $100 Million In Funding
Urban Catalyst announced that it has raised more than $100 million for its Urban Catalyst Opportunity Zone Fund II . Their second OZ fund furthers the construction of new ground-up projects in downtown San Jose by funding ICON/ECHO, a prope
Cresset Surpasses $1 Billion In OZ Equity, Launches Fund III
Chicago-based Cresset announced that it has closed its second OZ fund after raising $655 million in equity, and is immediately launching a third fund. Cresset had previously raised $465 million in its first OZ fund, launched in 2018, bringi
Capital Square's First OZ Development Nears Full Occupancy
Capital Square's 80-unit multifamily property in Richmond, Virginia has reached 97% occupancy just four months after completion. The INK property, which includes approximately 80,000 square feet of residential space and 1,900 square feet of
New York Senate Approves Decoupling Of OZ Incentive
The New York Senate voted this week to decouple the state's capital gains rate from the Opportunity Zone incentive, a move that has been widely anticipated since S.B. 6800 was introduced last year. The measure passed the Senate 44-17 withou
EJF Secures $67 Million For Nashville OZ Project
EJF Capital has secured a $67 million construction loan from Synovus Bank for its multifamily development in Nashville's Metrocenter District. The project is located at the old Watkins College campus in north Nashville. Watkins College merg
Urban Catalyst Breaks Ground On Senior Housing OZ Project
Urban Catalyst has officially broken ground on its Gifford Place project in San Jose. The property will be developed into a 167-unit senior living facility, one of the only such facilities to be built in the city over the past several decad
Toll Brothers Plans 501-Unit Multifamily OZ Project
Luxury home builder Toll Brothers announced plans to develop a 501-unit multifamily development in Washington, D.C. that will be financed through a $163 million construction loan from Bank OZK. The property, located at 113 Potomac in the Bu
Ryan Companies Breaks Ground On Denver Area Multifamily OZ Project
Ryan Companies has started construction on a 151-unit multifamily project in an Opportunity Zone in the Denver suburb of Lakewood. The project will encompass more than 130,000 square feet in a six floor building. Amenities will include a po
$47 Million Raised For Savannah OZ Project
Standard Communities has secured $47 million in financing for the development of a 219-unit Class A development in Savannah, Georgia. The Line community will consist of two buildings and feature a pool, sundeck, and fitness center. "We are
Parsonex Breaks Ground On Grand Junction OZ Project
Parsonex Capital Partners and Senergy Builders have broken ground on their second OZ project. The Brookwillow Estates project will consist of 36 condominium units in the booming town of Grand Junction, which is located off of I-70 near the
Eagle OZ Launches Second QOF Focused On Chicago
Eagle OZ has announced the launch of its second qualified opportunity fund, which will seek to raise $50 million to complete the construction of 444 multifamily apartment rentals in Chicago. The Eagle OZ fund will specifically target the Br
New Legislation Would Extend and Improve Opportunity Zones
Bipartisan and bicameral legislation was introduced last week that would improve Opportunity Zones and push back the tax incentive's deferral date by two years, from 2026 to 2028. Co-sponsored by Senators Cory Booker (D-NJ) and Tim Scott (R
Now Available: 2022 Opportunity Zones Special Report from JTC Americas
The Opportunity Zones program has not been without controversy and debate. Despite public sparring over whether the program is achieving its intended purpose, the new Opportunity Zones in 2022: Perception vs. Reality report, published
Ohio Bill Would Boost OZ Tax Incentive
A bill passed by the Ohio Senate would increase the state's enhancement of Opportunity Zone tax incentives by doubling the amount of money available as tax credits in fiscal 2022 and 2023. In addition to the federal tax incentives associate
OZ Funds Approach $25 Billion Milestone
According to Novogradac, Qualified Opportunity Funds had raised $24.4 billion in equity through the end of 2021, with $6.9 billion of that total coming in the second half of last year. Novogradac tracks a total of 1,342 QOFs; nearly 1,000 o
$3.6 Million Milwaukee OZ Project Underway
New Land Enterprises has raised $3.6 million in Opportunity Zone equity for the Nova apartment development in the East Town neighborhood of Milwaukee . The nine-story building will have more than 250 apartments and amenities that include a