Funding for projects coming from high net-worth individuals and family back offices
By Angela Gonzales | Phoenix Business Journal
A Newport Beach, California-based commercial real estate investment and advisory services firm has secured $17.6 million in opportunity zone funding for 1,300 residential units and 250,000 square feet of commercial space in the Valley.
The firm, Virtua Credit, is focusing on the new opportunity zone tax incentive that is driving capital to underdeveloped communities. The projects would allow investors to defer income taxes on capital gains and potentially reduce or eliminate federal income taxes for their investment in these properties, said Ethan Schelin, president of Virtua Credit.
The opportunity zone program was introduced in the 2017 Tax Cuts and Jobs Act to encourage private capital to invest in economically distressed areas.
