Virtua Capital Management Welcomes Senior Vice President of Business Development

Virtua Capital Management Welcomes Senior Vice President of Business Development

News, Press Releases, Resources
Scottsdale, Ariz. -- October 7, 2019 -- Virtua Capital Management (“the firm”), the capital formation arm of global private-equity real-estate investment manager Virtua Partners, is pleased to announce the hiring of Michael Roman who will serve as Senior Vice President of Business Development. Mr. Roman will head up distribution for Virtua Capital Management offerings launched in the independent broker dealer and RIA channels, two areas Virtua Capital Management sees immense room for growth in. Mr. Roman joins the firm with over twenty years of business experience, including the creation and marketing of alternative investment products, making him a perfect fit to lead Virtua’s efforts in these two channels. Michael’s background also includes roles as head of capital markets for major investment firms as well as wholesale experience. Michael maintains a…
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Virtua Capital Management Welcomes New Chief Compliance Officer

Virtua Capital Management Welcomes New Chief Compliance Officer

News, Press Releases, Resources
Scottsdale, Ariz. -- September 24, 2019 -- Virtua Capital Management (“Virtua”), the capital formation arm of global private-equity real-estate investment manager Virtua Partners, announced today the hiring of industry veteran, Curtis R. Christensen to serve as Chief Compliance Officer. Mr. Christensen brings over 19 years of experience in the investment management industry serving various asset management, brokerage and investment companies. Most recently, Mr. Christensen served as Chief Compliance Officer at Longboard Asset Management. Prior to that, he worked at M.S. Howells & Core as both Chief Compliance Officer and Chief Financial Officer. “We are pleased to have Curtis bring his expertise in governance and compliance strategy to our team as the number of projects and assets under management continues to grow,” says Derek Uldricks, president of Virtua Capital Management. “He…
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Virtua Partners Finalizes Purchase of Courtyard by Marriott in Winston-Salem, NC; Strategic partnership with Hotel Equities promotes continued growth through new development and acquisitions

Virtua Partners Finalizes Purchase of Courtyard by Marriott in Winston-Salem, NC; Strategic partnership with Hotel Equities promotes continued growth through new development and acquisitions

Blogs, News, Press Releases, Resources
SCOTTSDALE, AZ and ATLANTA, GA - (August 22, 2019) – Virtua Partners announced the purchase of a 126-room Courtyard by Marriott under construction in Winston-Salem, North Carolina. Hotel Equities will manage the Marriott hotel in downtown Winston-Salem when it opens in Q1 2020. Hotel Equities and Virtua Partners joined forces last year to expand upon their current hospitality portfolio through new development and acquisition opportunities. Hotel Equities is providing development services for the Courtyard through the construction process and will see it through completion. Located at 640 W. 4th Street in the heart of Winston-Salem, the Courtyard will feature a rooftop bar with views of the surrounding downtown area.  As the home of Wake Forest University and numerous corporate headquarters including banking firm BB&T, Winston-Salem enjoys its status as both a…
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The Capital Gains Tax ‘Opportunity’ of a Lifetime

The Capital Gains Tax ‘Opportunity’ of a Lifetime

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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…
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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

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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.
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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

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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
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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!
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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.
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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

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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.
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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
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