Milwaukee, Feb. 15 12, 2022 (GLOBE NEWSWIRE) — CLA (CliftonLarsonAllen LLP), one of the leading professional services firms in the United States, has secured $3.6 million in limited partner financing for Nova Apartments, a Qualified Opportunity Zone Fund in the East Town neighborhood of Milwaukee.
A national leader in the Opportunity Zone space, CLA combines deep experience in real estate, tax and investment management to provide stakeholders with a broad overview of all the benefits of the Opportunity Zone program. Since 2019, the company has raised over $350 million for Opportunity Zone projects.
The project, located at 1237 N. Van Buren Street, is a nine-story, 251-unit building seeking to provide superior residential options at an affordable price. Facilities include a fitness center, bicycle and repair storage, electric vehicle charging stations, and storage rooms. An outdoor pool deck overlooking the city adds to the effort to create luxury apartment space in Yankee Hill. After starting in the fourth quarter of 2021, development is expected to be completed in June 2023.
Spearheading the project is New Land Enterprises, a property development and property management company. Tim Gokhman, managing director of New Land Enterprises, worked closely with CLA to secure financing.
“Nova is in a zone of opportunity, and while that may provide an advantage for investors, it also requires additional compliance and legal work,” Gokhman said. “CLA was an excellent advisor, both from a compliance and capital raising perspective, allowing us to expand our reach to potential investors throughout the Midwest.”
CLA was instrumental in the capital raise, and the company also provided tax and compliance advisory services, support for the development of financial models, consultations and cost segregation studies on the structure and advice on areas of opportunity, deploying its full range of services.
“CLA is proud to help New Land Enterprises bring additional housing to Milwaukee’s urban core,” said Tony Hallada, managing director of CLA Wealth Advisors, who oversaw the fundraising.
Hallada continued, “While we help developers find equity, we also offer investors the opportunity to deploy their equity in real estate. Being able to connect developers with institutional investors means we can also help create opportunity in our communities by bringing multi-family development projects to secondary markets across the United States.
Securities products, merger and acquisition services, and wealth advisory services are provided by CliftonLarsonAllen Wealth Advisors LLC, a federally registered investment adviser and Member of FINRA, SIPC.
CLA exists to create opportunity for our clients, employees and communities through industry-focused wealth management advisory, outsourcing, audit, tax and advisory services. With over 7,500 people, 121 US locations and a global outlook, we promise to know you and help you. For more information, visit CLAconnect.com. Investment advisory services are offered by CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment adviser.
Nova Apartments, a Qualified Opportunity Zone Fund project, will be located in the East Town neighborhood of Milwaukee.