Chestnut Opportunity Zone Fund, managed by Chestnut Funds, has acquired its second investment, 601 Spring Garden Street in Philadelphia, Penn.
Chestnut has partnered with developer Arts + Crafts Holdings on the investment.
601 Spring Garden Street is located in the Northern Liberties neighborhood of Philadelphia, in close proximity to Center City. The property is a five-story building, plus a basement, with 23,034 of rentable square feet. Originally constructed in 1885, the asset was previously the Philadelphia Belting Co.
The fund, which includes private investors from domestic sources, represents the first qualified opportunity fund for Chestnut.
