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NEW YORK CITY- Out of Chicago,Illinois Cresset Partners and Diversified Real Estate Capitalhuddled together early on to best determine how they wouldcapitalize on Opportunity Zone legislation introduced in the TaxCuts and Jobs Act of 2017, a bill with a cloud of ambiguitysurrounding it.
Fast forward, the partnership hasnow closed its first Opportunity Zone fund the Cresset-DiversifiedQualified Opportunity Zone Fund at $465 million, which has beenallocated to seven projects, and launched its second fund theCresset-Diversified Qualified Opportunity Zone Fund II with a $750million target. " This isn't stop and restart," said Nick Parrish,head of development at Cresset. " We now have a vehicle to investin Opportunity Zones, we're going to keep itup."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
