Capital Square Closes Construction Loan for Project-Specific Opportunity Zone Fund

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RICHMOND, Virginia., June 29, 2020 / PRNewswire / – Capital Square, a leading sponsor of tax-efficient real estate investments, today announced that the company has secured a loan from M&T Bank to facilitate the construction of Scott’s Collection I, a multi-family mixed-use property in the Scott’s Adding a designated area of ​​opportunity in Richmond, Virginia.

The development of Scott’s Collection I is a direct result of the CSRA Opportunity Zone Fund I, LLC, a project specific opportunity zone fund launched by Capital Square in July 2019. The Opportunity Zone Fund raised capital to begin development of the project.

“Place de la Capitale Scott’s Collection I is an important part of the transformation of that of Richmond Scott’s Addition district, ”said Louis roger, Founder and CEO of Capital Square. “Our partnership with M&T Bank highlights the strength and vitality of the project. Lenders have become increasingly cautious since the outbreak of the coronavirus pandemic. Capital Square’s ability to secure this loan during the pandemic demonstrates the depth of our relationship with lenders and the importance of Scott’s Development of the collection as part of the revitalization of this emerging neighborhood. “

Part of a set of three mixed-use multi-family properties, Scott’s Collection is Capital Square’s inaugural development project and is part of the transformation of Scott’s Addition of an industrial part of Greater Richmond into a thriving and trendy urban residential and commercial destination.

Rogers noted that Scott’s The collection will bring $ 50 million in the revitalization of the surroundings.

Located at 3000 – 3008 West Clay St., Scott’s Collection I is a uniquely structured development that will feature a five-story Class A multi-family community with 80 units, private balconies and a lobby. Located on approximately 0.54 acres of land, Scott’s Collection I will feature a 3,700 square foot raised courtyard and 65 to 70 on-site parking spaces. The corner property has stunning views of the Scott’s Addition of district and downtown Richmond.

Capital Square was represented by Jamie Butler, Managing Director of Capital Markets at Walker & Dunlop, in securing the construction loan from M&T Bank.

“We are delighted to offer this modern development to the hometown of Capital Square and provide employment opportunities to members of our local community,” said Adam stifel, executive vice president of development.

About Place de la Capitale

Capital Square is a national real estate company specializing in tax-advantaged real estate investments, including Delaware Statutory Section 1031 Trade Trusts; and Opportunity Zone Funds qualified for tax deferral and exclusion. To date, Capital Square has completed approximately $ 2 billion in volume of transactions. The Capital Square management team has decades of experience in real estate investments. Its founder, Louis roger, has structured hundreds of investment offers totaling more than $ 5 billion. The entities related to Capital Square provide a range of services, including due diligence, acquisition, loan research, property / asset management and divestiture, to a growing number of high net worth investors, private equity, family offices and institutional investors. In 2017, 2018 and 2019, Capital Square was awarded by Inc. 5000 as one of the fastest growing companies. In 2017 and 2018, the company was also ranked on Richmond BizSense’s list of fastest growing companies. In 2019, Capital Square was ranked by Virginia Business on their “Best Places to Work in Virginia“and” Fantastic 50 “. For more information, visit www.CapitalSquare1031.com.

Disclaimer: Securities offered by WealthForge Securities, LLC, member of FINRA / SIPC. Capital Square and WealthForge are not affiliated. The investments of the Opportunity Zone fund involve a high degree of risk. There are risks associated with the acquisition, financing, ownership, construction, rental and operation of multi-family buildings located in Richmond, Virginia. Investor shares do not represent a diversified investment as each of the activities of the Opportunity Zone funds will be limited to ownership. Although Capital Square and its affiliates have extensive experience in acquiring, improving and operating commercial real estate, Opportunity Zone Funds and the Manager are newly incorporated and have no operating history. or significant assets. Investors will rely solely on the Manager to manage a particular fund and the property; the manager will have wide discretion to make decisions about ownership. There are substantial risks associated with developing the Property in a qualified and economically disadvantaged opportunity area which allows investors in a Fund to qualify for the tax benefits available in the opportunity area. A Fund may not make any distributions of capital prior to the sale or refinancing of the Property, as applicable. Investments related to real estate involve substantial risks. The Funds will pay substantial fees to the Manager and its affiliates (including CS Development). The investor’s shares will be highly illiquid; the transferability of investor shares is restricted and withdrawals of capital contributions are prohibited. Real and potential material conflicts of interest exist between the Funds, the Manager, Capital Square, CS Development and their affiliates. An investor could lose all or a substantial part of his investment in any of the Funds. There are tax risks associated with an investment in Investor Shares, including the possibility that government regulations regarding investments in Areas of Opportunity may change.

Contact:

Lauren Burgos


Marketing communications in the spotlight


949.427.1399


[email protected]

Place de la Capitale

Related links

https://www.capitalsquare1031.com

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