Real estate broker Zack Streit is senior vice president at George Smith Partners in Los Angeles, CA. There he also works as a debt and equity finance advisor.
Why did you get involved in the Opportunity Zone industry?
Our clients were interested in Qualified Opportunity Zones funding sources for their construction loans.
What are some current trends you are seeing in the OZ market?
Significant capital available for projects!
How do you think the pandemic has impacted the Opportunity Zone industry?
More capital gains looking to defer taxes and surging demand for multifamily construction projects due to their COVID resilience.
What are your top business goals this year?
Expand our placement of Opportunity Zone capital into deals.
What achievement in this market has been most rewarding for you?
Closing a $460 million financing deal in a QOZ.
What are your thoughts about increasing reporting requirements in the OZ space?
I think the structure is already not simple to set up and reporting is pretty robust.
What do you think we can expect from the new Biden administration when it comes to OZs?
Hopefully status quo.
What do you think Opportunity Zones can accomplish for distressed areas?
They attract significant investment.
How would you like to change the OZ regulation? Why?
Extend it. Make it simpler to set up.
What is your favorite quote and why?
“Failure is not the opposite of success. Failure is part of success. The opposite of success is not trying.”
What is the favorite book you have read recently? Why?
“No Rules Rules” by Reed Hastings of Netflix. Incredible growth story propelled by a culture of candor and transparency.
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