EJF Capital
Update
08/04/23
EJF Capital Raises Approximately $167 Million for Second Opportunity Zone Fund
EJF Capital LLC (“EJF”), a global alternative asset management firm, has announced the successful closing of its second Opportunity Zone investment fund, EJF OpZone Fund II (the “Fund”) with approximately $167 million in investor subscriptions and commitments. The Fund received support from both new and existing EJF investors including high-net-worth individuals, Registered Investment Advisors (RIAs), broker dealers, and a leading private bank.
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” as defined under the federal Tax Cut and Jobs Act of 2017 (TCJA). The strategy aims to capitalize on the tax benefits offered under the TCJA for investing in lower income census tracts designated as Opportunity Zones. There are more than 8,700 Qualified Opportunity Zones across the U.S.
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. We are grateful for our investors’ strong support as we continue to execute on the significant opportunities ahead and pursue consistent performance across our portfolio throughout market cycles.”
Asheel Shah, Head of Real Estate Development at EJF, added, “To date, EJF’s dedicated real estate team has built a diversified portfolio of real estate investments focused on multifamily housing and industrial development. We are excited to continue to build upon this strategy and capitalize on attractive investment opportunities through EJF OpZone Fund II.”
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.
