Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Arcis Real Estate Capital LLC (“ArcisRE”), an investment management and advisory firm that sponsors and invests in operationally driven real estate asset types such as student micro housing, multifamily, senior living, and hospitality.
The student micro housing project in the Seattle metropolitan area of Tacoma, WA, will feature seven floors of 156 residential units atop 6,200 square feet of ground-floor commercial space. The Opportunity Zone project is located within walking distance of major healthcare systems such as St. Joseph Medical Center and MultiCare Hospital, and higher-educational schools including University of Washington Tacoma. The project will provide much-needed housing in a growing market and is estimated to reach over 35,000 students and employees in the area.
“We made a concerted effort to go with the leader in Opportunity Zone Fund administration and chose NES Financial because they are pioneers in the space,” said Mohi Monem, Managing Partner at ArcisRE.
“The NES Financial Opportunity Zone Fund Administration Suite is unlike any other platform we have seen, and it helps us tremendously with specialized reporting needs,” added Steven W. Sorensen, Partner at ArcisRE.
The purpose of the NES Financial Opportunity Zone Fund Administration Suite is to efficiently and securely handle administration of growing funds, at scale, so that Opportunity Zone Fund managers can focus on raising capital and deploying it to underserved communities across the country. This includes handling the specialized reporting requirements of the program with the highest possible degrees of fund security, investor transparency, and regulatory compliance.
Read the full press release by clicking here.
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