5 | MARCH, 2020 |
Chicago real estate investor Larry Levy and a pair of Chicago private-equity firm veterans are more than doubling down on opportunity zones after raising almost half a billion dollars to deploy into low-income neighborhoods around the country.
A joint venture of Levy’s Diversified Real Estate Capital and Cresset Capital Management today announced they’re aiming to raise $750 million for their second fund designed to take advantage of the federal opportunity zone program. The new fund launch comes after the venture recently closed a $465 million fund targeting projects in opportunity zones, which allow investors to defer or avoid taxes on capital gains if they redirect those profits into any of the roughly 8,700 designated locations in poor communities nationwide. Read more…