Two projects bring 274 Class A multifamily units to the Fishtown/South Kensington area of Philadelphia, with support from Opportunity Zone funding.
CLA (CliftonLarsonAllen LLP), one of the leading professional services firms in the U.S., has secured $5.1 million in Opportunity Zone funding for two Class A multifamily developments located in Philadelphia, Pennsylvania. A national leader in the Opportunity Zone space, CLA combines deep experience in the real estate industry, tax, and investment management services to offer stakeholders broad insight into the full benefits of the Opportunity Zone program. Since 2019, the firm has raised in excess of $350 million for Opportunity Zone projects.
The two projects, both located in the Fishtown/South Kensington area of Philadelphia, seek to provide high quality developments that thrive off of public transit and walkability.
CLA Capital Markets helped secure $2.35 million of limited partner equity for an acquisition of a pre-certificate-of-occupancy multifamily project consisting of approximately 100 multifamily units, and $2.75 million for a ground-up multifamily development project consisting of nearly 180 multifamily units.
Spearheading the project is Urban Intent, a lifestyle real estate development company focused on technology, entertainment and livability in walkable communities. The development team has more than 30 years of experience and has pursued a number of regionally significant projects in the Northeast Corridor through different affiliate companies.
Frank Gallo, CFO of Urban Intent, knew of CLA through its public reputation as a well-rounded professional services firm. CLA, seeking increased geographic diversity and expansion to new areas, was enticed by the project.
“We’ve really enjoyed working with CLA and we are impressed by the depth of its network and the ability of its team to move quickly,” said Michael Scannapieco, CEO of Urban Intent. “We believe our local market knowledge and track record helped us to establish a strong relationship out of the gate and we’re excited to continue to build on our relationship together.”
CLA played an instrumental role in the capital raise, and the firm also provided tax advisory and compliance services, consultations on structure, and guidance on Opportunity Zones, deploying its full suite of services.
“CLA is excited to accelerate this project, which will bring new high-quality, multifamily rental housing to this area,” said George Kotridis, a principal with CLA Philadelphia. “We are grateful for the opportunity to collaborate with Urban Intent and to contribute to the success of this community.”
The O’Neil Group, a real estate investment, property management, and development company, was a key player in quickly raising the money for the second project.
“The O’Neil Group is excited to invest in Fishtown and the Philadelphia community,” said Kevin O’Neil, founder and CEO of The O’Neil Group. “Fishtown is growing and we are happy to partner with Urban Intent in the revitalization of an amazing American city.”
The investment interests described above were offered and subscribed to pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable state securities laws, on a private placement basis to eligible purchasers resident in the United States. This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful
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