EJF Capital, Donatelli Plan $95M Opportunity Zone Project

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ARLINGTON, VA—EJF Capital, Donatelli Development and Blue Skye Development are developing a $95 million mixed-use residential project in the local Opportunity Zone in the Hill East neighborhood. The 262-unit project, which also has 13,000 square feet of retail, is currently under construction and will deliver in August 2020.

The project is located next to the Stadium-Armory Metro station at the corner of 19th Street and Massachusetts Avenue, SE. Eagle Bank is providing $59.5 million of construction financing.

A global alternative asset manager, EJF is building a track record of providing equity capital to development projects in Opportunity Zones across the country. EJF is developing Marriott International’s new Moxy Hotel in Oakland, CA and has purchased 510 acres in western Jasper County, SC, to develop a multi-phased industrial park that will serve the Port of Savannah.

Last year it hired Asheel Shah, former president and CIO of the multifamily division at Kettler, to head its Opportunity Zone investment strategy.

EJF has also formed the EJF OpZone Fund I LP to take advantage of certain benefits provided by the TCJA.

According to the Office of the Deputy Mayor for Planning and Economic Development, DC’s opportunity zones are in: Brightwood Park, Howard University, LeDroit Park, Pleasant Plains, ParkView Buzzard Point, Hill East, Congress Heights, Barry Farm, Poplar Point, Fort Stanton, Historic Anacostia, Fairlawn, Naylor Gardens, Fairfax Village, Hillcrest, Randle Highlands, Twining, Dupont Park, Central Northeast, Lincoln Heights, Deanwood, Northeast Boundary, Grant Park, Carver Langston, Brentwood, Edgewood, Kenilworth, Eastland Gardens, Mayfair, Parkside, Benning, Shepherd Park, Takoma, Congress Heights and Bellevue.

Yardi Systems has found that the District is the most attractive Opportunity Zone investment area on the East Coast and the third most attractive in the country.