EJF Is Positioned to Meet the Demand from customers for Opportunity Zone Real Estate Investments
EJF Money LLC (“EJF”), a worldwide option asset management company, today introduced the launch of its second serious estate Experienced Prospect Zone Fund, EJF OpZone Fund II LP (the “Fund”).
The Fund will start on April 15th and will concentration largely on genuine estate multifamily apartment and industrial improvement possibilities in deprived places. It follows the thriving January 2021 closing of around $280 million in the inaugural EJF OpZone Fund I LP (www.ejfopzone.com) which was released in August 2018 in reaction to the federal Tax Cuts and Positions Act of 2017 to take advantage of the resulting tax benefits for investing in reduce earnings census tracts acknowledged as “Opportunity Zones.” There are much more than 8,700 Capable Option Zones throughout the U.S. Tax gains may possibly include capital gains deferral, tax legal responsibility reduction and income tax exemptions.
“Possibility Zone investments have funneled billions of bucks into communities underserved by funds and have fueled new work and new chances for the inhabitants of these communities,” said Neal Wilson, Co-CEO and Co-CIO of EJF. “Additionally, we consider the tax positive aspects can be very sizeable and that our practical experience in regulatory driven investment decision ideas, put together with our marketplace experience in financials and authentic estate, advantageously placement EJF to satisfy the demand from customers for these varieties of expenditure chances.”
Asheel Shah, Head of Real Estate Advancement at EJF, added, “Our investors can see the price of investing in Prospect Zones. The investments manufactured in this Fund will spend for developments in some of the nation’s reduced-cash flow communities, offering employment, housing and accelerating progress in those people areas. Chance Zone investments across the region are plainly acquiring an effects, pumping in a significant amount of private capital across the place.”
EJF’s 1st OpZone fund has five jobs concluded like: multifamily apartments in Washington, D.C., Jacksonville, FL, and Vancouver, WA a single resort progress in Oakland, CA and two industrial properties in a multi-phase industrial park in Hardeeville, SC (close to Savannah, GA MSA).
Extra projects are presently under development, which include a second multifamily apartment undertaking in Jacksonville, a mixed-use multifamily/place of work undertaking in Vancouver, WA, and two further buildings at the multi-section industrial park close to Savannah. Last of all, a multifamily enhancement job in Hyattsville, MD (D.C. MSA) is searching for last approvals to commence design. In complete these jobs signify above $600 million in full estimated project expenditures with $219 million of fairness staying invested by EJF OpZone Fund I LP.
About EJF Cash
EJF Funds LLC is a world alternate asset management agency headquartered outside of Washington, D.C. As of December 31, 2020, EJF manages close to $5.9 billion across a assorted group of alternative asset procedures. The organization was launched in 2005 by Manny Friedman and Neal Wilson. Given that inception, EJF has focused on regulatory celebration-driven financial commitment themes such as its strategy to invest in Possibility Zones.
See source variation on businesswire.com: https://www.businesswire.com/information/dwelling/20210412005130/en/
Contacts
Media Contacts
Nathaniel Garnick/Kevin FitzGerald
Gasthalter & Co.
(212) 257-4170
Investor Speak to
EJF Investor Relations
[email protected]
https://ejfopzone.com
(571) 982-7281
