JTC Americas, formerly NES Financial, to handle fund administration for the $50 million fund focused on multifamily housing in Chicago
San Jose, CA, December 15, 2021 – JTC Americas (formerly NES Financial) has entered into an agreement to provide fund administration services for Eagle OZ Fund II, an award-winning Opportunity Zone Fund that 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 198multi-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 1300 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 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.”
Read the full press release here.
Learn more about JTC Americas’ fund administration solutions for Opportunity Zones by downloading our Opportunity Fund Administration Solution Sheet!