EJF Capital Expands Opportunity Zone Portfolio
- Jul 03, 2020
EJF Capital will be increasing its opportunity zone portfolio through a new mixed-use project in Vancouver, Wash. The company has partnered with Holland Partner Group, whose construction division Holland Construction will break ground on the project this month for an expected completion by spring 2022. Bank of the West also provided construction financing for EJF and Holland’s project, known as Block 10.
Bordered by Columbia, Washington, 8th and 9th Streets in downtown Vancouver, the mixed-use project sits on a 1-acre plot within an opportunity zone. The residential portion will include 110 units with 20 percent of the apartments being reserved as workforce housing. Residents will get access to the building’s fitness center, coworking space, bike room and amenity deck on the third floor, but will be sharing these amenities with the office tenants.
The mixed-use property will also include 79,000 square feet of office and 10,100 square feet of retail with 113 parking spaces. Clyde Holland, HPG’s chairman & CEO, said in prepared remarks that the company will be moving its new headquarters to the upcoming office space.
Asheel Shah, EJF’s senior managing director & head of real estate development, said in prepared remarks that Block 10 is located near major highways, is minutes away from downtown Portland and is closer to the Portland International Airport than downtown Portland.
EJF’S OPZONE FUND
After the passing of the Tax Cuts and Jobs Act in 2017, EJF created its OpZone Fund and has since added a hospitality project in Oakland, Calif., a 510-acre industrial development in South Carolina, and multifamily projects in Washington, D.C. and Florida to the portfolio.
Besides Holland, EJF has worked with a variety of partners in its opportunity zone projects throughout the U.S. In April, the company teamed up with Chance Partners to acquire a 284-unit community located in an opportunity zone in Jacksonville, Fla. EJF also partnered with Chance in July 2019 for a 486-unit community that’s in another Jacksonville opportunity zone. Also in 2019, EJF partnered with Donatelli Development in May 2019 to develop the 262-unit community in an opportunity zone in southeast Washington, D.C.