Pinnacle Partners provides JV equity to capitalize Seattle’s first opportunity zone development

Pinnacle Partners, which is an opportunity zone investment firm, and developer Nitze-Stagen have broken ground for Seattle’s first opportunity zone development.

“I think that this project and a similar project we funded in Los Angeles near Staples Center exemplifies the spirit of the opportunity zone program-redirect gains into developing opportunity zones in need of affordable housing, community impact and job creation.  At Pinnacle, we are sourcing these projects exclusively on the West Coast to deliver senior living, workforce housing and industrial projects,” said Jeff Feinstein, managing partner.

The $30 million apartment building on Seattle’s first opportunity zone development in the historic Pioneer Square is called Canton Lofts. Canton Lofts will feature 80-units with transit accessibility and provide affordable one bedroom studios.

“Pinnacle Partners is an early first mover in opportunity zones and has been able to close multiple investments and build a strong pipeline of future opportunities before many funds even launched," said Leo Backer, managing partner.