Last week, Griffin Capital Company LLC announced the closing of their 11th land acquisition within a Qualified Opportunity Zone. Located in Mesa, Arizona, the 336 garden-style apartment project will be developed in a partnership with the Opus Group. The pair will help provide much needed housing to an expanding market.
Additionally, Trent Development announced they will break ground on a $105 million, multifamily development within Tacoma, Washington’s Brewery District. Located in an Opportunity Zone, this development will utilize Tacoma’s 12-year Multifamily Tax Exemption (MFTE) legislation. Out of 358 units to be developed, at least twenty percent of the units will be allocated for affordable housing.
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EJF Capital and North Signal Capital LLC Secure Financing for Savannah Opportunity Zone Project
Last week, EJF Capital LLC and North Signal Capital LLC secured $31.6 million in financing from Synovus Bank for the construction of two buildings at RiverPort Commerce Park within a Savannah, Georgia Opportunity Zone.
“The buildings, RiverPort Building 2 and Building 4, collectively over 800,000 square feet, are strategically located and will place our tenants within 10 miles of the fastest growing port in the U.S.,” said EJF Co-CEO Neal Wilson. “The strength of the port, lower cost structure, regional population growth, favorable property tax rates and other economic incentives make the RiverPort project a compelling opportunity.”
Griffin Capital Closes on 11th Opportunity Zone Land Acquisition
Griffin Capital Company LLC announced the closing of its 11th land acquisition within a Qualified Opportunity Zone. Located in Mesa, Arizona, the land will be used to develop a 336-unit apartment community.
“This new community will provide much needed housing to this burgeoning market,” said Eric Kaplan, President of Griffin Capital. “Mesa is one of the fastest-growing cities in the country, with a population that exceeds other gateway cities including Atlanta, Georgia, and Miami, Florida. Our property will be located in the heart of the Main Street Corridor, which is experiencing a revitalization fueled by new commercial and civic developments.”
Multifamily Development Set to Break Ground in Tacoma, Washington Opportunity Zone
This week, Trent Development is set to break ground on Rook, a $105 million, multifamily development within Tacoma, Washington’s Brewery District. Located within an Opportunity Zone, this multifamily development is the first to utilize Tacoma’s 12-year Multifamily Tax Exemption (MFTE) legislation.
Per the legislation, the building will designate 20 percent of its units for affordable housing, in return for a tax exemption for eight to twelve years on improvements. The Rook will feature a co-working space, Top Golf Swing suite, fitness center, and entertainment lounges. Completion is targeted for summer of 2023.
Construction Complete on $31 Million Workforce Housing Development within Indianapolis Opportunity Zone
Last week, real estate development firm TWG announced the completion of The Wesmont, a $31 million affordable housing development. Located within the Eastside neighborhood of Indianapolis, this 188-unit building sits on four acres and features one- and two-bedroom apartments. The majority of units will be reserved for individuals with income less than or equal to the area’s median income. Woodforest CEI-Boulos Opportunity Fund, a partnership between Woodforest National Bank and CEI-Boulos Capital Management, invested $3 million in equity in the project.
“CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to truly benefit and revitalize underinvested communities, like Indianapolis’s Near Eastside neighborhood,” said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. “We’re thrilled to be working with our partners at TWG Development on this transformative project providing affordable housing and improving the environment.”