OZ Pitch Day - March 23rd
RevOZ Recapitalizes San Bernardino OZ Project
RevOZ Capital announced this week that it has successfully recapitalized its San Bernardino Medical Center project, and will be making a special distribution to investors.
Construction of the facility, which encompasses more than 11,000 square feet, started in May 2021 and the grand opening occurred on June 2, 2022. Sen. Tim Scott (R-SC), a key architect of the Opportunity Zones program, attended the ribbon cutting ceremony earlier this year.
“Already millions of Americans have seen and benefited from the incredible potential of Opportunity Zones across the nation,” Scott said in a news release at the time of the opening. “I am amazed by the great work being done here at the San Bernardino Medical Center and look forward to hearing the success stories that come from their efforts.”
The San Bernardino Medical Center services the Juvenile Justice Program within San Bernardino County’s Department of Behavioral Health, supporting 700 to 900 families per year. Services include behavioral care for youth with mental illness, including patients both in and out of custody.
“This is an exciting moment for RevOZ,” said Alex Bhathal, RevOZ’s co-founder and managing partner. “San Bernardino Medical Center was one of RevOZ’s earliest investments, providing us a chance to bring new capital and much-needed services to a community in need, while concurrently delivering strong risk-adjusted returns to our investors.”
There are 22 Opportunity Zones in San Bernardino; these tracts represent a significant portion of the total city.