Cantor Silverstein OZ Trust II Closes, Raising More Than $470 Million
By Staff
Cantor Fitzgerald LP, a global financial services firm, and Silverstein Properties Inc., a global full-service real estate development, investment and management firm, announced the close of Cantor Silverstein Opportunity Zone Trust II, Inc. The trust raised more than $470 million of equity and includes four planned multifamily and mixed-use developments in various locations.
The four developments will reportedly include 1,932 multifamily units and 1.5 million square feet, and they will be located in Tempe, Ariz.; Richmond, Va.; Summerville, S.C.; and Huntsville, Ala.
“We have seen strong investor interest in this business, enabling us to build a diversified portfolio of institutional-quality multifamily real estate,” said Bill Ferri, global head of Cantor Fitzgerald Asset Management. “This growth underscores our commitment to creating lasting economic impact and revitalizing neighborhoods across the United States.”
Cantor and Silverstein launched their opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional-quality commercial real estate assets. The firms are focused on multifamily properties located in qualified opportunity zones across the nation.
According to Cantor Fitzgerald, approximately $1.1 billion has been raised for five closed qualified opportunity zone funds, which include flagship funds CSOZ Trust I and CSOZ Trust II, as well as the co-investment funds CSOZ Northern Boulevard, LLC, CSOZ 3.0 University Place, LLC and CSOZ South Pier Tempe, LLC. The five funds currently have eleven projects in various stages of development with a plan to deliver 4,044 multifamily units, 233 of which are targeted to be affordable housing and 4 million square feet, exceeding $2.4 billion in total estimated project costs.
As previously reported by AltsWire, Shorehaven – an Arizona-based, mixed-use opportunity zone development – recently topped out. Shorehaven represents the first phase of South Pier, a comprehensive master-planned community on Tempe Town Lake, one of Arizona’s leading tourist attractions.
Cantor Fitzgerald is a global financial services and real estate services holding company with more than 14,000 employees. Silverstein Properties is based in New York and has developed, owned and managed more than 45 million square feet of commercial, residential, retail and hotel space.
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