EJF Capital Invests In Donatelli's Project In Hill East Opportunity Zone
A development less than 2 miles east of the U.S. Capitol is benefiting from the federal government's opportunity zone program with a new investment partner.
EJF last year launched a $500M opportunity zone fund after hiring Asheel Shah from Kettler to lead its real estate development team. The firm has since invested in opportunity zone projects in Oakland and South Carolina.
The team behind the $95M Hill East project indicated it is taking advantage of the program's tax benefits, noting the project meets all aspects of an opportunity zone investment. The project also received $59.5M in construction financing from EagleBank.
The development broke ground last year and is expected to deliver in August 2020. It is part of the 67-acre Reservation 13 property, a site the city has been eyeing for development for years. At the intersection of 19th Street and Massachusetts Avenue SE, the project sits next to the Stadium-Armory Metro station, about a quarter-mile from RFK Stadium.
"We see tremendous possibilities for Hill East, and we believe that in a short time the community will become a vibrant neighborhood and viable housing extension of the Capitol Hill neighborhood," Shah said in a release. "We look forward to making meaningful contributions and being a long-term member of this community."
EJF Capital CEO Manny Friedman will speak June 26 at Bisnow's Opportunity Zones Summit in D.C.