News

Opportunity Zone Fund Joint Venture

The Bernstein Companies and OPZ Capital join forces to create OPZ Bernstein, a real estate private equity fund focused exclusively on making Opportunity Zone Fund investments.

WASHINGTON, DC, JAN. 22, 2018 - The Bernstein Companies, a fully integrated real estate investment management firm and OPZ Capital, a leading Opportunity Zone Fund manager, are pleased to announce the formation of OPZ Bernstein.

OPZ Bernstein, a subsidiary of The Bernstein Companies, is a newly created real estate private equity fund focused exclusively on making Opportunity Zone Fund investments under Section 1400(Z) of the 2017 Tax Cuts and Jobs Act.  The Opportunity Zone legislation is a bipartisan economic stimulus plan to promote sustainable growth and long-term capital investment in low income communities across the Nation. Craig Bernstein, Founder of OPZ Capital, will be leading the new venture in conjunction with The Bernstein Companies’ Stefan Kershow, Executive Director of Structured Finance.

OPZ Bernstein is launching their first Opportunity Zone Fund, the “OPZ Bernstein Opportunity Zone Fund I,” February 1st, 2019. The firm is raising capital from accredited investors and will be deploying the capital to best-in-class developers and operators across the Country. The portfolio will be diversified in nature, both geographically and by product type, with a core focus on multifamily development in urban locations.

Adam Bernstein, President of The Bernstein Companies, describes OPZ Capital as, “The perfect addition to The Bernstein Companies platform. Craig (Bernstein) has already gained significant traction in the Opportunity Zone space and has done an excellent job establishing OPZ Capital as a premier provider of Opportunity Zone Fund investment solutions to high net worth individuals, RIA’s and family offices. Moving forward, we look to provide our investors with compelling risk adjusted returns, that are not only tax efficient, but also positively impact the communities in which we invest.” Joe Galli, The Bernstein Companies Chief Investment Officer notes that, “As a firm, we have received numerous inquiries from both investors and potential development partners about Opportunity Zones. Given The Bernstein Companies’ extensive experience in structured finance and in particular the New Market Tax Credit space, actively pursuing an Opportunity Zone Fund strategy was a logical next step.”

Craig Bernstein stated, “The operating platform that Stuart Bernstein, Adam Bernstein, Marc Duber and Joe Galli have built over the past 40 years is one of the finest in the Nation. The Bernstein Companies is unique in that it possesses the necessary infrastructure to operate an institutional quality Opportunity Zone Fund and has an extensive track record in deploying capital into these specific census tracts (Opportunity Zones). Over the past 15 years, The Bernstein Companies has successfully allocated over $1.5B into New Market Tax Credit transactions across 40 states, a majority of which overlap with the recently approved Opportunity Zones. As I thought about scaling the business, I knew it was critical to team up with a seasoned operating partner. The Bernstein Companies is the perfect fit and I am excited about OPZ Bernstein’s prospects moving forward.”

Contact: Craig Bernstein | cbernstein@tbco.biz


About The Bernstein Companies, Inc.

Founded in 1933, The Bernstein Companies is a commercial real estate investment management firm based in Washington, DC. The firm has been involved in over $3B worth of transactions and currently owns, develops and manages a variety of product types across the Country. The executive management team has more than 125 years of combined experience and is currently in the process of building the new global headquarters for Marriott International in Bethesda, Maryland, a 1M square foot project, with an estimated cost of $500M. www.thebernsteincompanies.com.