Urban Catalyst OZ Fund Concludes First Round of Fundraising
Urban Catalyst, an opportunity zone fund sponsor focused on ground-up development projects in downtown San Jose, has raised $131 million from 356 investors in its first round of fundraising.
Urban Catalyst LLC, an opportunity zone fund focused on ground-up development projects in downtown San Jose, has raised $131 million from 356 investors in its first round of fundraising that concluded on December 30, 2020. The proceeds will be used to construct seven development projects.
Urban Catalyst said that it secured commitments from a diversified investor base including tech workers from nearby companies that accounted for nearly 75 percent of the investments in 2020.
“As we start construction, we intend to take advantage of lower costs that have hit the construction market because of the pandemic,” said Erik Hayden, founder of Urban Catalyst. “We believe we will be delivering our projects into a recovering economy – in what could be this century’s Roaring Twenties.”
In late December 2020, Urban Catalyst Fund I closed escrow on its final property and continues to submit building permits for its projects. The company expects to start construction on all of its projects in 2021 and 2022.
Urban Catalyst Opportunity Fund I is a Regulation D 506(c) offering that launched in May 2019.
