Harbor One Bank embraces new path towards funding Qualified Opportunity Zone (QOF) Projects.
All equity and debt capital has been committed and the project is now under construction.
BROCKTON, Mass.–(BUSINESS WIRE)–The 28 Petronelli OZ Fund LLC has completed its capital raise for the redevelopment of a historic building into 18 rental apartment units. The Property is located in the heart of downtown Brockton, next to the commuter rail station which serves Boston.
“Brockton is in the midst of an urban renaissance and it is precisely because of collaborative, innovative projects such as this,” Brockton Mayor Robert F. Sullivan said. “This building is special to our city because it was where professional boxers, including Marvelous Marvin Hagler, trained with Pat and Goody Petronelli, and it’s where Marvelous Marvin became the undisputed middleweight champion. And now, his legacy will be preserved in this beautiful new building. This development is another key piece in the exciting transformation downtown as we create a vibrant new neighborhood with transit-oriented housing, a pedestrian mall, shops and more.”
Ted Carman, developer and Fund manager for 28 Petronelli OZ project, says: “We are excited to have the project financed and to be underway with construction. We are preserving historic aspects of the building and will have a boxing theme in our fitness area and common hallways. The building is a key part of the city’s rich history, and our work has been inspired by the community’s motto, ‘The City of Champions.’ This project will bring new high quality rental housing to an already exciting downtown revitalization plan that is well underway.”
Wally Sullivan, President and CEO of Javelin Securities, says: “While we are always pleased to help fund worthwhile OZ development projects, we were thrilled that HarborOne Bank participated in the equity portion of this capital raise. This is the first example, that we know of, where a bank will utilize the QOF exemption made available by regulators. Banks now have the green light to partner in QOF projects via private equity and not just provide debt. We hope more banks will follow this example and drive funding into underserved communities that need it most.”
HarborOne Executive Vice President and Chief Lending Officer Scott Sanborn said, “This is the kind of project that HarborOne is proud to partner on: It is preserving the best of traditional Downtown Brockton and its history, and at the same time is exactly the kind of dynamic redevelopment – adding important downtown housing options in a historic building right near the commuter rail – that will drive Brockton’s revitalization.”
Javelin Securities is a FINRA registered broker dealer focused on raising capital for Qualified Opportunity Zone projects. For more information associated with our current projects, please contact us at firstname.lastname@example.org.
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Wally Sullivan 617.240.6020