Press Release

Madison Development Project Open for Opportunity Zone Investment

Stone House Development, Inc. actively offers investment in new multifamily project

MADISON, Wis. (March 20, 2019) – Baker Tilly announces its client Stone House Development, an award-winning market rate and affordable housing developer, is now seeking opportunity zone investors for a new luxury apartment community located at 1050 East Washington Avenue in Madison.

The $54.7 million mixed-use development is located in the vibrant, historic Tenney-Lapham neighborhood. It is one of the first developments in the state specifically designed to fully utilize the incentives of the opportunity zone program, targeting capital gain equity that was likely not planned for real estate investment before now.

The opportunity zone program was established through the Tax Cuts and Jobs Act in 2017 to stimulate investment in specific communities. The program offers investors a tax deferral strategy by investing realized capital gains in Qualified Opportunity Funds (QOFs)—creating significant potential for delivering revitalization to communities.

"The revitalization occurring throughout the Capitol East District is an illustration of Greater Madison's economic momentum,” Zach Brandon, president of the Greater Madison Chamber of Commerce, said. “Major expansion projects by industry leaders like Google, Amazon and American Family Insurance as well as award-winning restaurants, retail and world-class entertainment make this corridor an attractive investment opportunity – now even more so as a federally designated opportunity zone."

Stone House Development, like many developers, is eager to leverage opportunity zone investment. “The program is an incredible financing option for developers,” Helen Bradbury, president of Stone House Development, said. “It will enable us to complete the revitalization of this key block of East Washington Avenue.”

Bradbury is excited to see the opportunity zone investments for 1050 East Wash come together. Stone House Development engaged Baker Tilly, through its investment banking subsidiary, Baker Tilly Capital, LLC to assist with identifying qualified opportunity zone investor capital for the project.

“Baker Tilly’s expertise in real estate development, transactions and specialty tax planning uniquely positions us to help potential investors and project sponsors take advantage of the opportunity zones program,” Michael Fitzpatrick, executive vice president of Baker Tilly Capital, said. “The 1050 East Wash project is a great example of the potential that opportunity zones have to really shape communities and provide tangible benefit to investors.”

Visit bakertilly.com/opportunityzones for more information about the 1050 East Wash investment opportunity and how Baker Tilly is helping project sponsors and investors benefit from the program.

Baker Tilly Capital, LLC disclosure
Baker Tilly Capital, LLC privacy policy
Baker Tilly Capital, LLC social media disclaimer

About Baker Tilly US, LLP (bakertilly.com)

Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 34,700 professionals. The combined worldwide revenue of independent member firms is $3.6 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.

About Baker Tilly Capital, LLC

Baker Tilly Capital is a boutique investment bank specializing in merger and acquisition (M&A), capital sourcing, project finance and corporate finance advisory services. Backed by Baker Tilly US, LLP, a leading advisory, tax and assurance firm with significant industry expertise, Baker Tilly Capital offers value-added insights before during, and after the transaction.