The Real Deal New York

Greenwich developer Belpointe launches Opportunity Zone REIT

March 07, 2019 02:47PM

Belpointe Capital is taking advantage of the Trump administration’s new Opportunity Zone program, the Connecticut Post reported. The Greenwich-based real estate development and investment firm announced on March 4 its formation of a new OZ-focused real estate investment trust. Belpointe, whose new REIT leadership team includes former executives from AvalonBay Communities, said in a securities filing that it plans to raise up to $50 million in capital in the short term. The OZ program, shoehorned into the late 2017 federal tax overhaul, has gradually made inroads in the Tri-State region for providing financial incentives to developers investing in designated underdeveloped areas. The Connecticut Post reported that Belpointe’s REIT is currently looking for projects to invest in and “does not plan to restrict its investment to any geography.” Belpointe, founded by attorney and former Powerball winner Brandon Lacoff, said in a statement that it intends to pursue a $3 billion equity offering for OZs within six-to-eight years. A web portal on Belpointe’s website, which includes a financial breakdown on the potential benefits of working with the firm over a private equity outfit, is also soliciting investors. Securities filings by Belpointe show that it is being advised by the law firm Winston & Strawn. [CTPost]