Ellavoz Impact Capital and New Jersey Community Capital Launch Ellavoz Shared Values Opportunity Fund III
A $50 MILLION FUND INVESTING IN EQUITABLE COMMUNITY DEVELOPMENT
NEWARK, N.J., February 16, 2021 (Newswire.com) - New Jersey Community Capital (NJCC) and Ellavoz Impact Capital announced today the launch of the Ellavoz Shared Values Opportunity Fund III. The $50 million fund will focus on investing in affordable residential housing projects and mixed-use commercial developments in New Jersey Opportunity Zones. To date, 17 New Jersey and four Florida communities have been targeted for investment. The Fund is focused on single family and multifamily properties that retain affordability as well as selected commercial real estate development that create and preserve quality jobs. The Fund embraces a "Shared Values" investment strategy - that social impact of all investments are weighed equally with the need for a market rate risk adjusted return to investors.
A key partner in the Fund is Community Asset Preservation Corporation (CAPC), the largest not-for-profit affordable housing developer in New Jersey. CAPC will renovate, manage and maintain most of the real property investments.
"We are excited to announce the launch today of Fund III," said Wayne Meyer, President of NJCC. "We believe that Opportunity Zones can act as a powerful driver of economic and community development. Together with our partners at Ellavoz, we stand ready to unlock place-based investments that expand equitable opportunities and build safe and affordable homes in underserved communities."
"Despite the pandemic," said Robert Hutchins, President & CEO of Ellavoz Impact Capital, "this is the third OZ Fund launched by Ellavoz and NJCC in the past 12 months. We are most excited by this multi-asset fund's vision of diversifying investments in many promising communities. Among the first projects to be funded will be in Atlantic City, Camden, Newark, Trenton, and West Palm Beach. Our 'shared values' investment strategy has been proven in our ESVOF I and II which were closed as of December 31, 2020."
About New Jersey Community Capital
New Jersey Community Capital (NJCC) is a non-profit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure that communities can thrive. To learn more, visit www.newjerseycommunitycapital.org and Twitter: @NJCLF.
About Community Asset Preservation Corporation
Community Asset Preservation Corporation (CAPC) is a wholly owned subsidiary of New Jersey Community Capital. CAPC is a nonprofit organization that acquires vacant and abandoned properties to stabilize and revitalize communities. CAPC partners with local community builders and contractors to rehabilitate and return properties to productive use as quality, affordable housing. To learn more, visit www.capcnj.org.
About Ellavoz Impact Capital
Ellavoz Impact Capital is the management company for the Ellavoz Shared Values Opportunity Funds and the Ellavoz Impact Angel Network. The Angel Network represents high net worth individuals, family offices, and businesses that believe innovative opportunity fund investing in underserved communities will result in positive financial and social impact returns.
To learn more about the Ellavoz Shared Values Opportunity Fund III, visit us at www.ellavoz.com or contact the following members of our team below.
Robert Hutchins: 908.330.2029
Christopher Ferry: 732.616.8847
Source: Ellavoz Impact Capital