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Alternative Assets  + Real Estate  | 
Madison Capital Launches $36M OZ Fund for Reno Hotel Redevelopment

Madison Capital Launches $36M OZ Fund for Reno Hotel Redevelopment

Madison Capital Group has launched Madison Reno Hotel QOF, LLC, a qualified opportunity fund aimed at redeveloping a landmark hospitality property in downtown Reno. The vehicle will focus on repositioning the original Harrah’s Resort and Casino into a premium Class A hotel with about 292 guest rooms and full-service amenities.

The fund is targeting roughly $36.2 million in capital commitments from accredited investors. It is structured to offer eligible participants the potential tax benefits associated with qualified opportunity zone investing, including deferral of certain capital gains and the potential elimination of taxes on future appreciation for investments held at least 10 years. The minimum investment is $50,000.

“We believe the Reno market presents a compelling combination of favorable demographic trends, tourism demand, business migration and long-term redevelopment potential,” said Ryan Hanks, chief executive officer of Madison Capital Group Holdings.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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