EJF Capital LLC, a global alternative asset management firm, announced the closing of its second opportunity zone investment fund, EJF OpZone Fund II, with approximately $167 million in investor subscriptions and commitments.
The company says the fund will build upon the investment strategy of EJF OpZone Fund I, which seeks to invest in ground-up multifamily housing and industrial development projects located in qualified opportunity zones.
Neal Wilson, co-chief executive officer of EJF, said, “The successful closing of our second opportunity zone fund reflects the confidence placed in us by our investors, both existing and new, and is a testament to the resiliency of our asset classes, the strength of our investment platform, and the depth of our regulatory-driven focus and financial and real estate expertise.”
Since inception, the fund has closed on six investments including development projects in Florida, Missouri, Arizona, Maryland and Tennessee, three of which are under construction and two of which have been completed and are currently leasing.
EJF Capital LLC is an alternative asset management firm headquartered outside of Washington, D.C. Since inception, the firm has focused on regulatory event-driven investment themes including its strategy to invest in qualified opportunity zones.