The Capital Gains Tax ‘Opportunity’ of a Lifetime

The Capital Gains Tax ‘Opportunity’ of a Lifetime

Blogs, News, Press Releases, Resources
A little-known provision within the Tax Cuts and Jobs Act of 2017 provides investors with a chance to earn returns on attractive investments, receive remarkable decreases to their capital gains taxes and make an impact on local communities. They are called Opportunity Zones. To better understand this exciting program, wealth managers and accredited investors should learn about the tax benefits available. Opportunity Zones were established by Congress to promote long-term economic stimulus through investments in low-income community census tracts in all 50 U.S. states, six U.S. territories and the District of Columbia. Investors are able to roll over their capital gains of any investment into a Qualified Opportunity Fund (QOF).  QOFs steer money into qualified projects to ensure investors capture the associated tax breaks while meeting other fund-specific requirements and…
Read More
The First Opportunity Zone Fund, One Year Later – Quinn Palomino on OpportunityDb Podcast

The First Opportunity Zone Fund, One Year Later – Quinn Palomino on OpportunityDb Podcast

News, Press Releases, Resources
It's been over one year since we first launched our first Opportunity Zone Fund. Since then we have raised roughly $100 million, nearly half of which has already been deployed. We have also celebrated the groundbreaking of multiple projects. Listen to the full podcast here In the 50 minute podcast episode, Quinn Palomino discusses how Virtua Partners has accomplished so much in one year, the need to develop a social impact metric system and much more.
Read More
Shay Hawkins on the need to restore reporting requirements in Opportunity Zones in Morning Consult

Shay Hawkins on the need to restore reporting requirements in Opportunity Zones in Morning Consult

News, Press Releases, Resources
Shay Hawkins is the President and CEO of the Opportunity Funds Association. He served as Senator Tim Scott's (R-SC) Tax and Economic Policy Counsel during the Tax Cuts and Jobs Act and Treasury's subsequent Opportunity Zone Regulation implementation. In this op-ed submission Shay discusses the need for a firm set of reporting standards to measure the impact of Opportunity Zone investments, with quotes from Quinn Palomino, CEO of Virtua Partners. Understanding the full scope and impact of Opportunity Zone funds will help ensure the provision fulfills the promise of revitalizing economically distressed communities across the country. Read the full story here
Read More
Virtua Capital Management Hires Two Industry Veterans as VPs of Strategic Relationships

Virtua Capital Management Hires Two Industry Veterans as VPs of Strategic Relationships

Press Releases, Resources
Left: Michele Kyoko Wiens, Right: Michele Drummond Virtua Capital Management, the capital formation arm of Virtua Partners, has hired Michele Drummond and Michele Kyoko Wiens to each serve as vice presidents of strategic relationships to assist Virtua in raising capital nationwide. Find out more about how these two industry veterans will help propel the Virtua team!
Read More
Virtua EVP, Oliver Schwab, Joins Board of Opportunity Funds Association Founded By Former Senator Scott Staffer

Virtua EVP, Oliver Schwab, Joins Board of Opportunity Funds Association Founded By Former Senator Scott Staffer

Press Releases, Resources
Oliver Schwab, EVP of Virtua Partners Shafron "Shay" Hawkins, a former staffer for Senator Tim Scott, the main author behind the Opportunity Zone legislation, has confirmed his departure to found the Opportunity Funds Association, a Section 501(c)(6) trade association, with Surya Gunasekara, a lobbyist and former chief of tax and tax counsel for form Rep. Jim Renacci. The association will lobby on policy surrounding opportunity zones at the federal, state, and local levels. Virtua's EVP, Oliver Schwab, has joined the board in support of the association. For the full story read here.
Read More
Virtua Credit Secures $17.6 Million in Opportunity Zone Funding for Virtua Partners and Quyp Development

Virtua Credit Secures $17.6 Million in Opportunity Zone Funding for Virtua Partners and Quyp Development

Press Releases, Resources
Using opportunity zone funding, Virtua Partners plans to build a 128-room SpringHill Suites by Marriott in Avondale. Virtua Partners affiliate, Virtua Credit, has secured $17.6 million in opportunity zone funding for Virtua Partners' development of 1,300 residential units and 250,000 square feet of commercial space. The projects aim to allow investors to defer income taxes on capital gains and potentially reduce or eliminate federal income taxes for their investment in these properties, said Ethan Schelin, president of Virtua Credit. To continue reading, click here.
Read More
Virtua CEO Quinn Palomino Offers Her Advice on Opportunity Zone Fund Reporting – It Should Be Simple

Virtua CEO Quinn Palomino Offers Her Advice on Opportunity Zone Fund Reporting – It Should Be Simple

Press Releases, Resources
Principal of Virtua Partners, Quinn Palomino, suggests that fund reporting be impactful, but simple. "It should include a breakdown of the number of jobs created with salaries and training for opportunities for upward mobility and, in the case of housing developments, the number of units created at market rate, workforce rate (priced for those earning 80%-120% of area median income) and affordable rate (for those earning below 80% of area median income), says Palomino. 'We aim for 10-25% of workforce and affordable housing as a rule,' said Palomino." Read More
Read More
Virtua Partners Cited as First Firm to Break Ground on Opportunity Zone Project

Virtua Partners Cited as First Firm to Break Ground on Opportunity Zone Project

Press Releases, Resources
Quinn Palomino, CEO of Virtua Partners speaks with Kelsi Borland of GlobeSt. on the first-ever Opportunity Zone groundbreaking In this GlobeSt.com story, Virtua Partners' CEO Quinn Palomino speaks on Virtua Partners breaking ground on the first ever Opportunity Zone project - a Springhill Suites by Marriot in Avondale, AZ. The 130-room hotel is built on a vacant lot in a designated Opportunity Zone. In total, Virtua Partners' development will create at least 30 full-time employment opportunities for local residents and 120 construction jobs. The hotel will be managed by Hotel Equities, a strategic partner with Virtua Partners. For the full story read here.
Read More
National Real Estate Investor Quotes Virtua Partners on Need to Establish Social Impact Metric System

National Real Estate Investor Quotes Virtua Partners on Need to Establish Social Impact Metric System

Press Releases, Resources
If done right, Opportunity Zones have the potential to be tremendously transformative for our communities. Virtua believes it a duty of the fund sponsors to define and comply to metrics of which this impact can be measured. "The long-term viability of the Opportunity Zone program is dependent on producing the social benefits promised to the community," Quinn Palomino tells National Real Estate Investor. Read Here
Read More
Virtua Partners Featured in the New York Times

Virtua Partners Featured in the New York Times

Press Releases, Resources
[caption id="attachment_1842" align="aligncenter" width="382"] Virtua Partners cited as first to break ground on Opportunity Zone development in The New York Times[/caption] On February 1st, Virtua Partners broke ground on the first-ever Opportunity Zone development and hosted a round-table discussion featuring key program advocates, local and national government officials and other program stakeholders. The event was covered exclusively by The New York Times. Read the full story here. [caption id="attachment_1866" align="alignnone" width="682"] Location of Virtua Partner's first Opportunity Zone development[/caption]
Read More