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Alpha Capital Partners of Bridgeville, PA reports that its Opportunity Zone fund has purchased 1501 Herman St. and is planning to develop a 300-unit multifamily project there, according to Jide Famuagun, CEO of Alpha Capital.
The deal follows another major financing transaction secured for a McWhinney project. Last week, Berkadia announced it closed $170 million in financing for McWhinney's Great Wolf Lodge in Garden Grove, CA.
Phase two will involve the remaining 1.25 million square feet of planned new mixed-use development, including office, residential, hotel, marina, and retail space, as well as parks and public places, across a half mile of redeveloped waterfront.