Cantor Fitzgerald and Silverstein Properties Close Third Qualified Opportunity Zone Fund
Cantor Fitzgerald, L.P., a financial services firm and real estate investment company, and Silverstein Properties Inc., have closed their third qualified opportunity zone fund.
Cantor Fitzgerald, L.P., a financial services firm and real estate investment company, and Silverstein Properties Inc., have closed their qualified opportunity zone fund, Cantor Silverstein Opportunity Zone Trust Inc., after raising approximately $530 million of equity.
Along with the co-investment funds, CSOZ Northern Boulevard LLC and CSOZ 3.0 University Place LLC, Cantor and Silverstein have now completed fundraising for three qualified opportunity zone funds totaling approximately $600 million of equity.
Launched in mid-2019, Cantor Silverstein Opportunity Zone Trust was formed to invest in, develop, redevelop and manage a portfolio of commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones.
The fund currently has four development projects underway and a fifth with an executed term sheet. Collectively, the planned portfolio totals 246,000 square feet of life science property and 1,248 multifamily units, 231 of which are targeted to be affordable, with an estimated total project cost of approximately $890 million.
The projects include:
3.0 University Place is a 246,000-square-foot, life science enabled office building located in University City, a submarket of Philadelphia and hub for life science and gene and cell therapy research and development. The property is currently under construction and is pre-certified LEED Platinum v4.
theApex@meadows is a planned 334-unit, two-building multifamily property near Las Vegas’s medical district, downtown, and the Las Vegas strip.
Northern Boulevard is a planned 354-unit class A multifamily property located in the Queens neighborhood of Astoria, across the East River from Midtown Manhattan.
420 Carroll Street is a planned 360-unit Class A multifamily property on the east bank of the Gowanus Canal with waterfront access from two sides of the property.
Yesler Terrace West is a planned 200-unit Class A multifamily property within walking distance of downtown Seattle in the Yesler Terrace Redevelopment Area with views of the Puget Sound.
“We launched our opportunity zone business to drive much-needed capital to communities that would benefit from long-term investment,” said Howard Lutnick, chairman and chief executive officer of Cantor Fitzgerald. “Working alongside development partners with critical local market knowledge and an understanding of the impact these projects will make on the overall health of the communities they serve, puts us on track to accomplish our goal.”
Opportunity zones were created under the Tax Cuts and Jobs Act of 2017 to spur long-term private investments in lower income areas by providing potentially significant tax benefits to investors.
Cantor Fitzgerald is an investment bank serving more than 5,000 institutional clients around the world. Silverstein Properties is based in New York and has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space.
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. The company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space.
