Cantor Fitzgerald and Silverstein Properties Raise Over $470M
Significant Capital Raised by Cantor Fitzgerald and Silverstein Properties
In a remarkable achievement, Cantor Fitzgerald, L.P. and Silverstein Properties, Inc. have successfully closed the Cantor Silverstein Opportunity Zone Trust II, Inc. with over $470 million of capital raised. This strategic initiative focuses on developing four multifamily and mixed-use projects, which will encompass 1,932 multifamily units and 1.5 million square feet of real estate. This commitment to revitalizing urban neighborhoods demonstrates the strong interest and support from investors.
Opportunity Zone Fund Overview
The Cantor Silverstein Opportunity Zone Trust II, Inc. aims to bolster real estate development aimed at creating lasting economic benefits. The raised capital showcases the potential of this venture, allowing significant advancements in various market sectors. From multifamily housing projects to mixed-use developments, the trust is positioned to cater to the evolving needs of communities.
Investor Perspectives and Growth Strategy
Bill Ferri, the Global Head of Cantor Fitzgerald Asset Management, expressed his enthusiasm regarding the positive investor response. He highlighted the commitment both firms have towards fostering economic growth and enhancing community structures. The anticipated extension of the Qualified Opportunity Zone Program is expected to further accelerate growth initiatives and investment opportunities.
The Role of Opportunity Zones in Community Development
Since their inception in 2019, the Opportunity Zone business established by Cantor and Silverstein has aimed at investing in and redeveloping real estate within these designated zones. With a primary focus on multifamily assets, this initiative is set to significantly impact residential and commercial real estate sectors, creating jobs and enhancing livability.
Strategic Partnerships for Successful Developments
Chris Milner, the Chief Investment Officer for Real Assets at Cantor Fitzgerald Asset Management, underscored the collaborative efforts between Cantor and Silverstein. Their combined expertise in commercial real estate and the capital markets has enabled the formation of a robust investment portfolio, targeting neighborhoods in need of revitalization. This strategic partnership is designed to ensure that development projects align with community enrichment and investment returns.
Project Ambitions and Future Developments
Together, these firms have raised around $1.1 billion for five Opportunity Zone Funds, including the flagship CSOZ Trust I and II, along with various co-investment funds. Their current projects are at diverse stages of development; they are expected to yield over 4,000 multifamily units, emphasizing the inclusion of affordable housing. With project costs anticipating to exceed $2.4 billion, substantial contributions towards local economies are evident.
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald is a globally recognized financial services firm that employs over 14,000 professionals worldwide. Its diverse offerings include investment banking, asset management, capital markets services, and real estate advisory. The firm's extensive capabilities ensure a comprehensive approach to meeting client needs and expectations.
About Silverstein Properties
Silverstein Properties, founded by Larry Silverstein, is a prominent full-service real estate development and management firm. With a long-standing history of developing over 45 million square feet of various properties, the firm is known for its capability to deliver high-quality projects. Their dedication to excellence and innovation continues to enhance urban spaces and shape the real estate landscape.
Frequently Asked Questions
What is the Cantor Silverstein Opportunity Zone Trust II?
The Cantor Silverstein Opportunity Zone Trust II is a fund that invests in multifamily and mixed-use real estate projects, aiming to revitalize neighborhoods and promote economic growth.
How much capital was raised for the fund?
Over $470 million has been raised through the Cantor Silverstein Opportunity Zone Trust II to finance various projects.
Where are the projects located?
While specific locations were initially highlighted, the firm focuses on investing in Qualified Opportunity Zones across multiple locations in the United States.
Why are Opportunity Zones important?
Opportunity Zones provide an incentive for investors to promote economic growth and development in underprivileged communities, which leads to job creation and enhanced living conditions.
Who are the key figures in these companies?
Key figures include Bill Ferri, Global Head of Cantor Fitzgerald Asset Management, Chris Milner, CIO of Real Assets at Cantor Fitzgerald, and Tal Kerret, President of Silverstein Properties.
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