Shorewood, Bridge and Capricorn Partner on NYC OZ Multifamily Project
Shorewood Real Estate Group, a real estate investment firm, announced its $155 million opportunity zone partnership with Bridge Investment Group LLC and Capricorn Investment Group LLC.
Shorewood Real Estate Group, a real estate investment firm, announced its $155 million opportunity zone partnership with Bridge Investment Group LLC and Capricorn Investment Group LLC. The partnership will develop a 315-unit rental project in Jamaica, Queens.
Shorewood is in the process of raising an opportunity zone fund focused on investing in New York City. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone fund investments provide tax benefits to incentivize private investments in area designated as opportunity zones.
“We’re excited to align ourselves with such distinguished partners on this important project,” said Shorewood president and CEO S. Lawrence Davis. “With our firms’ combined experience in urban real estate, I’m confident this partnership will have a positive impact in Jamaica and other future community development projects.”
According to its website, the 240,000-square-foot site is located at 160-05 Archer Avenue in downtown Jamaica, Queens and will feature a 215,000-square-foot mixed-use property that will include ground floor retail. This is the first project in Shorewood’s opportunity zone fund platform, and the company purchased the site in August 2018 for $20 million.
Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management.
Capricorn Investment Group oversees a $5 billion multi-asset class portfolio that focuses on sustainable investments including renewable energy, renewable resources, clean technology, health and wellness, and energy efficiency.
Shorewood Real Estate Group specializes in the acquisition, financing and development of institutional quality assets in major gateway markets in the US. Since 2012, the company claims it has structured investments with a cost basis in excess of $650 million.
