RevOZ Capital Opportunity Zone Fund Announces Special Distribution to Investors
Award-winning Opportunity Zone platform has announced a special distribution to investors following the successful recapitalization of San Bernardino Medical Center
NEWPORT BEACH, CA - RevOZ Capital has announced completion of a special distribution to investors following the successful recapitalization of the San Bernardino Medical Center in San Bernardino, California.
In less than three years, RevOZ Capital has developed, leased to stabilization, and recapitalized the 11,325 square foot property that provides behavioral health services to the local community.
“This is an exciting moment for RevOZ,” said Alex Bhathal, RevOZ’s Co-Founder and Managing Partner. “San Bernardino Medical Center was one of RevOZ’s earliest investments, providing us a chance to bring new capital and much-needed services to a community in need, while concurrently delivering strong risk-adjusted returns to our investors.”
“RevOZ is pleased to reach this milestone,” said RevOZ Co-Founder and Managing Partner Ryan Parkin. “We look forward to future investor distributions as our portfolio continues to mature.”
Construction on the San Bernardino Medical Center was completed in May 2021. The facility services the Juvenile Justice Program within San Bernardino County’s Department of Behavioral Health. The facility supports approximately 700 to 900 families per year with a mission of providing comprehensive and effective adolescent behavioral health care for justice-involved youth, in or out of custody, who have mental illness.
Co-Founded by Alex Bhathal, Lisa Merage, Ryan Parkin, and Tom Parnell, RevOZ Capital was an early adopter in the Opportunity Zone space, launching the platform in 2018 following passage of the 2017 Tax Cuts and Jobs Act that established Opportunity Zones as a new federal tax incentive to mobilize patient capital into high-need communities across the country. Over the course of four years, RevOZ has successfully raised and invested three multi-asset funds into 13 projects totaling over $1.2 billion in total project value.
RevOZ’s investment into San Bernardino has earned national acclaim as a model project. A 2020 White House Report featured the development as a national best practice, and the Economic Innovation Group, one of the originators of the Opportunity Zone policy tool, featured RevOZ’s San Bernardino investment in one of its flagship case studies.
The ribbon-cutting of the development was hailed by a range of local and national leaders in June 2021, where public officials including U.S. Senator Tim Scott, San Bernardino County Board of Supervisor Chairman Curt Hagman, and San Bernardino Mayor John Valdivia commemorated the opening of the facility.
The special distribution from the cash out refinance is the first from the RevOZ portfolio. Additional properties are nearing completion and, as they stabilize, should produce further distributions both from operations and refinances over the next few years.
