NES Financial announced today that it has been contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Sixty West Funds — a Missouri-based firm with a development pipeline exceeding $850 million in Qualified Opportunity Zone projects.
The tax incentives associated with the Opportunity Zones (OZ) program are designed to encourage long-term investment into economically distressed areas across the country. Opportunity Fund investors get immediate deferral of taxes on invested capital gains, and additional tax benefits accrue at 5-, 7- and 10-year milestones. Sixty West Funds specializes in single-asset funds focused on development of mixed-used properties, including multi-family residential, hospitality, office and retail, located within the designated Opportunity Zones.
NES Financial will provide its award-winning solution to the Sixty West O4W Opportunity Fund, which is currently raising funds toward development of a combined hotel, office and retail space along the Atlanta BeltLine parks and transit loop, in one of Atlanta’s 26 Opportunity Zones. The hotel component of the Old Fourth Ward mixed-use development is flagged by Hilton to debut the first MOTTO by Hilton location in the United States.
With this project, Sixty West will contribute to the ongoing restoration of the historic “O4W” neighborhood, which was originally settled in the early 1800s and was the birthplace of civil rights leader Martin Luther King, Jr. It is the first major construction project planned for the immediate area in at least a decade.
“Opportunity Zone Funds are truly unique” said Amy Kelly, COO at Sixty West Funds. “Unlike traditional investment funds, Opportunity Zone Funds have complicated and emerging tax compliance and other specialized reporting needs. We trust NES Financial with our investors.”
Read the full press release by clicking here.
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