FCP to Invest in Opportunity Zone Funds
FCP, a private real estate investment firm based in Chevy Chase, Maryland, plans to offer development capital for assets in federally designated opportunity zones throughout the East Coast and Texas.
FCP, a private real estate investment firm based in Chevy Chase, Maryland, plans to offer development capital for assets in federally designated opportunity zones throughout the East Coast and Texas. The company is seeking deals with asset values at $25 million and up.
Established by Congress in the Tax Cuts and Jobs Act of 2017, the opportunity zone program provides tax benefits for taxpayers that invest certain assets in certified qualified opportunity funds. The opportunity zone program encourages long-term investments in distressed areas of the country, primarily those with high poverty and low economic growth.
“We believe the opportunity zone program is a catalytic tax initiative that will drive development and provide a benefit to the greater community,” said FCP senior vice president, Jason Ward. “We want to provide capital and development expertise to help execute these investments.”
The firm said that it will offer bridge capital to option, entitle, buy, renovate and/or build multifamily, commercial, or mixed-use assets. Credit support, development expertise, mezzanine/preferred equity and long-term capital will also be available.
FCP has invested in or financed more than $6 billion in assets since its founding in 1999. The firm invests directly and with operating partners in commercial and residential assets.
