A new real estate investment fund (REIT) is raising money to finance commercial developments using union contractors in the region between Baltimore and Washington, D.C.
According to combined media reports, the Develop-D.C. Fund is being co-sponsored by Plymouth Meeting, Pa.-based Regional Real Estate Investment Corp. (RREIC) and New York-based Real Estate Capital Partners. The REIT closed its initial $35 million funding on Aug. 16, with a goal of acquiring $200 million. Sources for the initial infusion of funding included the International Brotherhood of Electrical Workers Local 26, the International Union of Bricklayers and Allied Craftworkers, and Independence Blue Cross of Pennsylvania.
The REIT is looking to back projects in the $30 million to $150 million range, with a focus on the multifamily, office and lodging sectors.
‘The Develop-DC Fund is a true partnership among Taft Hartley and non-Taft Hartley institutional investors, the development community, union labor and the construction industry with the goal of financing, developing, and building high-quality and profitable projects in the Washington-Baltimore area,’ says David Reiner, director of RREIC.
