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May 24, 2019

Roman Petra Counsels Florida-Based Client to Establish Multimillion-Dollar Opportunity Zone Funds

The Business Observer

The Business Observer featured Roman Petra, of counsel in Nelson Mullins' Orlando office, for his counsel on the swift, steady, and strategic investments that his client Thomas Ablum plans to make in Qualified Opportunity Zones by the end of 2020. Ablum, founder of investment firm Ablum, Brown & Co., and his partners plan to invest $250 million in equity into Opportunity Zones.

For Petra, assisting clients with Opportunity Zone investments has folded neatly into the Firm's existing real estate practice: “Our practice is driven in part by helping clients seeking incentives and tax credits, including low-income housing tax credits, so we had some familiarity with the concept,” Petra told the Business Observer. “And we had a feeling that the tax law of 2017 might provide new programs for real estate, because of the president’s real estate background.”

According to the article, Ablum and his partners are focusing on multifamily rental properties in places like Sacramento, Calif., and Norwalk, Conn. He says the group is also looking at properties in and around Tampa.

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