102 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2
WHAT DID IT MEAN FOR YOU TO WIN AND HOW DID THE PARTICIPATION IN THE COMPETITION HELP WITH YOUR CAPITAL RAISE ?
Winning the award confirms that Heritage Point Canalside not only delivers good returns to but also transforms the community as selected by our industry peers . This aware also reassures our current investors that Heritage Point is an industry leading project and a sound investment .
WHAT IS YOUR PROJECT ’ S TIMELINE FOR DEVELOPMENT AND COMPLETION ?
Construction has already begun with a final completion in early 2023 .
WHEN AND WHY DID YOUR COMPANY GET INVOLVED IN THE OZ INDUSTRY ?
Sinatra & Co ’ s first OZ project began in 2019 with Mid City Apartments ( Buffalo , NY ), which was an adaptive reuse of a historical six-story building into 50 luxury apartment units and 3 commercial storefronts . One more thing about Mid City is that it was the first project that Sinatra & Co . was able to layer on brownfield tax credits in an Opportunity Zone to create an attractive investment while making a positive impact on the community . We entered the OZ industry due to the growing demand for OZ investment properties .
WHERE IS YOUR COMPANY BASED AND HOW WOULD YOU DESCRIBE YOUR COMPANY , INCLUDING WHAT SERVICES YOU OFFER ?
Sinatra & Company Real Estate is a vertically integrated Buffalo-based real estate firm focused on multifamily acquisitions , management , and development . We operate apartment communities across Western New York , the Midwest , and Southeast United States . We are proud of our portfolio and projects , but we are most proud to uphold our commitment to creating growth and positive impact through shared sustainability with our projects , people , and communities .
HOW DID THE PANDEMIC IMPACT YOUR BUSINESS STRATEGY ?
The pandemic delayed our projects but at this point we are back on track . Just like everyone else in the industry we have had to deal with increased material costs and labor shortages , which have been overcome through careful cost engineering and working closely with our general contracted partners .
WHAT DO YOU THINK OPPORTUNITY ZONES CAN ACCOMPLISH FOR DISTRESSED AREAS ?
Opportunity Zones are a unique combination of two key development pillars - investment opportunity and social impact . Since OZs mobilize investment towards areas that otherwise may be neglected , they even the playing field when it comes to spreading positive change .
WHAT ARE YOUR TOP BUSINESS GOALS THIS YEAR ?
1 . To continue on our strategy
2 . To execute on additional OZ developments 3 . Grow our portfolio of value-add apartment properties
WHAT ’ S NEXT FOR YOUR COMPANY ? WHAT ARE YOUR PLANS FOR THE FUTURE ?
Opening a second office in Tampa , expanding presence in the south , and growing our development services arm which provides strategic and managerial services for government agencies and public / private partnerships .
WHAT IS YOUR PROFESSIONAL BACKGROUND ?
I am the Chief Investment Officer at Sinatra and Company Real Estate LLC ( SCRE ), as well as my family ’ s investment company , Nanco Associates LLC . I have an extensive resume in public service at the city and state level in addition to experience in business management and entrepreneurship .
HOW MUCH HAVE YOU RAISED TO DATE IN YOUR OZ FUND ?
We have almost completed the offering for Heritage Point Canalside , which is an $ 8.8 million equity raise . We have several additional opportunity zone projects in the pipeline for 2022 and 2023 which also leverage brownfield tax credits and other public incentives .
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