{"id":1004302838,"date":"2019-02-25T05:20:45","date_gmt":"2019-02-25T13:20:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004302838"},"modified":"2019-02-25T05:21:06","modified_gmt":"2019-02-25T13:21:06","slug":"planned-sf-area-moxy-hotel-receives-50m-in-equity-capital","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/planned-sf-area-moxy-hotel-receives-50m-in-equity-capital\/","title":{"rendered":"Planned SF-Area Moxy Hotel Receives $50M in Equity Capital"},"content":{"rendered":"
\"Neal<\/a>

Neal Wilson, Co-Founder & COO, EJF Capital LLC (image courtesy of EJF Capital LLC)<\/p><\/div>\n

A new Moxy hotel in the Uptown neighborhood of Oakland, Calif., will now move ahead, thanks to $50 million in equity capital from EJF Capital LLC, of Arlington, Va.<\/p>\n

The 173\u2013key hotel is being co-developed by EJF, Tidewater Capital and Graves Hospitality in an area that qualifies as an Opportunity Zone<\/a> under the Tax Cuts and Jobs Act of 2017.<\/p>\n

The hotel, at Telegraph and Grand avenues, is slated to open in 2021. The three-star boutique Moxy product is Marriott International\u2019s newest brand and is targeted toward Millennials. <\/p>\n

The upcoming Moxy property reportedly will be one of the first new hotel developments in downtown Oakland in many years. A street-level amenity space will be programmed with regular events and exhibits, drawing primarily on local artists, musicians, performers and other neighborhood businesses.<\/p>\n

\u201cThis is exactly the type of investment the Opportunity Zone program is intended to generate<\/em>,\u201d EJF Co-Founder & COO Neal Wilson said in a prepared statement, adding that the property is expected to create 50 permanent jobs.<\/p>\n

\"Asheel<\/a>

Asheel Shah, Senior Managing Director & Head of Real Estate Development, EJF Capital LLC (image courtesy of EJF Capital LLC)<\/p><\/div>\n

Asheel Shah, EJF\u2019s senior managing director & head of real estate development, added, \u201cThe Moxy will appeal to a powerful demographic with growing salaries and an appetite for travel<\/em>.\u201d<\/p>\n

The equity capital is being provided primarily from EJF OpZone Fund I LP, formed by EJF last year specifically to invest in new construction projects within opportunity zones.<\/p>\n

Graves Hospitality is one of Marriott\u2019s exclusive partners for development of the Moxy brand and will manage the Oakland Moxy under a long-term agreement. This hotel will be the fourth Moxy that Graves has developed.<\/p>\n

The energy of gentrification <\/h2>\n

Tidewater Capital, of San Francisco, led the effort to entitle the site and will manage the construction process.<\/p>\n

\"Craig<\/a>

Craig Young, Managing Principal, Tidewater Capital (image courtesy of Tidewater Capital)<\/p><\/div>\n

\u201cThis is an innovative project representing a two-year grassroots effort with community input\u2026. We\u2019re excited to take an under-utilized site and, with EJF and Graves, deliver a high-density, high-quality sustainable development in one of Oakland\u2019s most vibrant neighborhoods<\/em>,\u201d Craig Young, managing principal of Tidewater Capital, said in the prepared statement.<\/p>\n

The site had been occupied by a defunct gas station, a person familiar with the project told Commercial Property Executive<\/em>.<\/p>\n

The Moxy will be the closest hotel to Uptown Station, a former Sears store<\/a> that has been redeveloped into office space with ground-floor retail. EJF noted that Square Inc. recently agreed to lease all 350,000 square feet of office space there.<\/p>\n

Other large employers nearby include Pandora Media, with more than 1,000 employees only two blocks away, and Kaiser Permanente, which has more than 3,000 employees in downtown Oakland.<\/p>\n","protected":false},"excerpt":{"rendered":"

An opportunity zone fund sponsored by EJF Capital provided the financing for the 173-key project in Oakland, Calif., which is being developed in conjunction with Tidewater Capital and Graves Hospitality. <\/p>\n","protected":false},"author":882,"featured_media":1004302874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21751,21742,1609,15],"tags":[35339,33877,43688],"class_list":["post-1004302838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-hotel","category-latest","category-san-francisco","category-west","tag-graves-hospitality","tag-marriott","tag-opportunity-zones"],"acf":[],"yoast_head":"\nPlanned SF-Area Moxy Hotel Receives $50M in Equity Capital - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/planned-sf-area-moxy-hotel-receives-50m-in-equity-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planned SF-Area Moxy Hotel Receives $50M in Equity Capital\" \/>\n<meta property=\"og:description\" content=\"An opportunity zone fund sponsored by EJF Capital provided the financing for the 173-key project in Oakland, Calif., which is being developed in conjunction with Tidewater Capital and Graves Hospitality.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/planned-sf-area-moxy-hotel-receives-50m-in-equity-capital\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-25T13:20:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-25T13:21:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/04.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/planned-sf-area-moxy-hotel-receives-50m-in-equity-capital\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/planned-sf-area-moxy-hotel-receives-50m-in-equity-capital\/\",\"name\":\"Planned SF-Area Moxy Hotel Receives $50M in Equity Capital - 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