Normandy Launching $250 Million Opportunity Zone Fund
Normandy Real Estate Partners is reportedly launching a $250 million opportunity zone fund, according to Bloomberg, citing anonymous sources close to the matter.
Normandy Real Estate Partners is reportedly launching a $250 million opportunity zone fund, according to Bloomberg, citing anonymous sources close to the matter.
Bloomberg reported that the Normandy Opportunity Zone Fund LP plans to invest in value-add commercial real estate in the Northeast and has a target gross internal rate of return of 12 percent. Additionally, “a separate so-called sidecar fund will have the ability to make investments in the companies that are tenants of buildings within the fund.”
The buzz around opportunity zones, which use tax incentives to spur economic development and job creation in distressed communities, has been mounting since being added to the Tax Cuts and Jobs Act of 2017 by Sen. Tim Scott (R-SC). Scott recently told reporters that he expects program rules to come out before the end of the month.
There are currently 8,767 designated opportunity zones located throughout the U.S.
Normandy Real Estate Partners is a privately-owned real estate operator and investment manager that targets underperforming office and mixed-use investments in urban and transit-oriented submarkets in the Northeast and Mid-Atlantic region.
Founded in 2002, the firm has managed a series of discretionary real estate funds and joint ventures backed by institutional investors. The company has offices in Boston, New York, Washington D.C and Morristown, New Jersey and owns a real estate portfolio comprising more than 14 million square feet.
