Multifamily Investor Expo - Feb 15th
Last week, Wilmington, Delaware-based Second Chances Farm announced their second Opportunity Zone location. Their expansion into the Philadelphia market enables the indoor vertical farm startup to continue its social mission of enabling returning citizens to become entrepreneurs.
On the deal front, GTIS Partners announced a joint venture with Baker Development Corporation and Foundation Capital Partners to develop a 490,000 square-foot logistics center in a Goodyear, Arizona Opportunity Zone. This $45 million project, Yuma|143, will address the e-commerce needs of fast-growing consumer populations within the Phoenix metropolitan area.
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GTIS Partners Announces Joint Venture to Develop 490,000 Square-Foot Logistics Center in Goodyear, Arizona Opportunity Zone
New York City-based real estate equity firm GTIS Partners, in partnership with Chicago-based Baker Development Corporation, and Foundation Capital Partners, recently announced a joint venture to develop Yuma|143, a logistics center in Goodyear, Arizona. Located within an Opportunity Zone, this $45 million, 490,000 square-foot project marks GTIS’ thirteenth investment in the Phoenix metropolitan area.
“Yuma|143 is a perfect example of our strategy to pursue industrial/logistics assets that focus on the e-commerce needs of fast-growing consumer populations,” said Josh Pristaw. Senior Managing Director and Head of Capital Markets at GTIS Partners. “The Phoenix area is one of our top market targets due to its job growth and demographics. The investment was made by our Qualified Opportunity Zone Fund and represents a long-term investment in the community.”
$59 Million in Financing Secured for Multifamily Project in NYC Opportunity Zone
A partnership between Certes Partners, The Hakimian Organization, and Red Pine Capital Partners recently secured $59.4 million in development financing for The Enclave, a 113-unit multifamily project within a New York City Opportunity Zone. Located between 212 E. 125th St and 215 E. 124th St., the property will include two towers with retail frontage as well as 1,500 square-feet of private courtyards, a gym, and outdoor patios. The Enclave will be located next to a park, several playgrounds, and other nearby green spaces.
Scottsdale OZ Development Receives $101.5 Million in Construction Loans
California-based investment firm Banyan Residential received $101.5 million in financing to construct more than 500 apartment units for the second phase of their Scottsdale Entrada development project located within an Opportunity Zone. Scottsdale Entrada includes more than 250,000 square feet of office space, 7,500 square-feet of retail space, and 735 apartments across the 33-acre plot of land. Banyan acquired Scottsdale Entrada in December of 2019, and broke ground on phase one in 2020. The first phase is expected to be complete by late 2021.
Second Chances Farm Expands from Wilmington, Delaware to Philadelphia, Pennsylvania Opportunity Zone
Second Chances Farm is expanding to open a second location within a Philadelphia, Pennsylvania Opportunity Zone. The company owns and operates an indoor vertical farm based in a Wilmington, Delaware Opportunity Zone that offers formerly incarcerated individuals job training and entrepreneurial opportunities. The expansion was a result of Philadelphia-based developer Michael Bailkin reaching out to Second Changes Farm Founder Ajit George to build the campus near Philadelphia’s North Amtrak station.
“He approached me when he heard about our farm in Wilmington and asked if I’d do it in Philly. He felt his real estate project could benefit from a social impact project like ours,” said Ajit Georige. Located just 40 minutes north of the Wilmington, DE location, the 44,000 square-foot dilapidated building in Philadelphia was renovated in preparation for the vertical farm construction. “What we have is the chance to really do something spectacular in Philly,” said George.