SkyBridge Capital ended its partnership with EJF Capital LLC on their planned $3 billion opportunity zone fund and is looking for a new partner, The Real Deal reported, citing sources familiar with the two companies.
The cause of the split was not immediately clear, the publication added.
Established in December 2018, the SkyBridge-EJF Opportunity Zone REIT was to operate as a real estate investment trust and invest in real estate projects of all sizes, the report added, citing SkyBridge founder Anthony Scaramucci.
The opportunity zones program offers tax deferrals and benefits to investors who inject capital in assets in designated low-income neighborhoods.
EJF and Skybridge could not be immediately reached for comment, the Jan. 15 report added.