SAN JOSE, Calif., Dec. 15, 2021 /PRNewswire-PRWeb/ -- JTC Americas (formerly NES Financial) has entered into an agreement to provide fund administration services for Eagle OZ Fund II. This award-winning Opportunity Zone Fund will provide capital for a multi-family land development project in Chicago's Historic Bronzeville area, just north of the new Obama Presidential Center, which started construction this past summer.
The proposed $20 million raise will fund the development of 198 multi-family rental units and will contribute to the $10B of revitalization happening in the neighborhood. The project will create 283,000 sq. ft. of new living space for more than 1,300 people. Eagle OZ aims to create 150 new construction jobs and 10 permanent jobs, drawing at least 25% from the local labor pool, and at least 10% of the construction work will be subcontracted to minority-owned businesses.
The project was selected as one of two winners of the America's Most Impactful Project award at the 2021 Opportunity Zone Expo in Denver, Colorado. The award was in recognition of how the fund has placed an emphasis on the social good components of its projects, making it a model for how OZ funds can offer attractive returns while helping communities.
JTC is a global leader in corporate, private client, and fund administration with over $130 billion in AUM and a team of more than 1,200 across 26 jurisdictions. Known for its expertise in specialty financial administration, JTC is the market leader in Opportunity Zone fund administration.
JTC Americas has been the leader in OZ fund administration since the program's inception, offering purpose-built solutions that leverage technology to streamline complicated tax and administrative requirements with embedded security, transparency, and regulatory compliance at each step of an investment's life cycle, lowering operating costs while minimizing risk.
"JTC Americas was the natural choice for us because of their specialization in Opportunity Zones, particularly in the areas of impact monitoring and reporting," said Jamie Nahon, President of Eagle Infinite Investments, LLC. "Their reports are more comprehensive and easier to read than other fund administrators, providing a better experience for our investors."
"We are honored to be selected by Eagle OZ to deploy our technology in service of reinvigorating an underserved neighborhood," said Reid Thomas, Chief Revenue Officer and Managing Director of JTC Americas. "Opportunity Zones are a key part of our country's economic recovery from COVID-19, and allow investors to put their money toward making a real impact."
To learn more about JTC Americas' fund administration solutions for Opportunity Zones, please visit jtcamericas.com/opportunity-zones
About JTC Americas
JTC Americas, formerly NES Financial, is the North American division of JTC. JTC Americas is a leader in specialty financial administration, serving US markets characterized by high administrative complexity, elevated transaction security needs and challenging compliance requirements.
JTC acquired NES Financial in 2020, positioning JTC Americas as the leading provider of third-party administrative solutions to US impact investment sectors, including the Opportunity Zones initiative and the EB-5 Program, as well as to private equity fund managers and 1031 exchange participants. The company's technology-driven solutions streamline best practices in these markets by simplifying specialized financial transactions, reducing back-office overhead, curtailing fraud and abuse, and offering security, transparency and regulatory compliance through each step of an investment's life cycle.
To learn more JTC Americas, please visit jtcamericas.com.
About Eagle OZ
Eagle OZ is a boutique Opportunity Zone fund building 264 multifamily rentals in Chicago's Historic Bronzeville. The fund was awarded America's Most Impactful Project at the recent Opportunity Zone Expo, recognizing Eagle OZ's social impact with the creation of jobs and housing. Eagle projects a 20% IRR and 6% cash distributions. Return prospects are fueled by the $10B of economic development and 55,000 new jobs breaking ground this year in the neighborhood, between the Bronzeville Lakefront redevelopment and the nearby Obama Presidential Center. A recent Crain's article uses 2020 census data to show that an affluent middle class is emerging in Bronzeville. Eagle OZ offers a venue to participate in this wave of catalytic financial & social upside, with stable rental income plus the added bonus of Opportunity Zone tax incentives for investors with capital gains.
Fund I construction is underway with 66 units. Fund II is raising $20M to build 198 more units. To learn more about Eagle OZ and Opportunity Zones, please visit eagleoz.com.
Media Contact
Laura Kelly, JTC Americas, 408-367-0826, [email protected]
SOURCE JTC Americas
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