Pinnacle Partners Provides Joint Venture Equity to Capitalize Seattle's First Opportunity Zone Development

SEATTLE, Oct. 24, 2019 /PRNewswire/ -- Pinnacle Partners, which is an Opportunity Zone investment firm, and developer Nitze-Stagen broke ground Oct. 15 for Seattle's first Opportunity Zone development. Local civic dignitaries, representatives from the historic neighborhood and Opportunity Zone investors were in attendance to recognize the need for Opportunity Zones to help tackle housing affordability. 

The $30 million apartment building on Seattle's first Opportunity Zone development in the historic Pioneer Square is called Canton Lofts. Canton Lofts will feature 80-units with transit accessibility and provide affordable one bedroom studios.

"I think that this project and a similar project we funded in Los Angeles near Staples Center exemplifies the spirit of the OZ program-redirect gains into developing O-Zones in need of affordable housing, community impact and job creation.  At Pinnacle, we are sourcing these projects exclusively on the West Coast to deliver senior living, workforce housing and industrial projects," said managing partner Jeff Feinstein.

"Pinnacle Partners is an early first mover in Opportunity Zones and has been able to close multiple investments and build a strong pipeline of future opportunities before many funds even launched," said managing partner Leo Backer.

As part of the Tax Reform Act of 2017, the Opportunity Zones Program helps drive capital to designated communities across the nation by offering substantial capital-gains tax breaks for investors who invest in any of the 8,000 designated low-income census tracts. Investors can defer paying capital gains taxes on the money they invest in an Opportunity Zone project, and if they keep their money in the zone long enough, they won't be taxed on returns from the project itself.

About Pinnacle Partners:

Pinnacle Partners (https://pinnacleoz.com/) was established by local real estate professionals, entrepreneurs and finance experts to create a Qualified Opportunity Fund (QOF). Our team has decades of experience in real estate, public and private company operations, venture capital, private equity, hedge funds and tax incentives. Pinnacle Partners will make long-term investments which will generate superior after-tax risk adjusted returns for our investors.

For more information, contact:

Jeff Feinstein, Managing Partner
Phone: 206.369.2380
Email: [email protected] 
Website: https://pinnacleoz.com/

SOURCE Pinnacle Partners