Real Estate

Building Stronger Communities

OPAL offers two different forms of direct assistance for those working on transformative real estate projects in Alabama.

Property Development Assistance Program (PDAP)

For property owners, investors, developers and others with the desire to do something catalytic with real estate, we can assist in developing a vision and detailed pathway to executing your project through our Property Development Assistance Program (PDAP).

Through PDAP, we can help with the following:

Developing a detailed pre-development schedule for the project
Producing a detailed pre-development budget
Building a capitalization strategy, including identification of tax credit incentive programs applicable to the project
Building a detailed pro forma based on learnings from pre-development activities
Guidance ensuring the project meets social, environmental, and economic impact standards

For projects that meet a certain return threshold and impact standard, OPAL may discuss with the project leader the possibility of financial participation from one of OPAL’s financial investment vehicles. Please contact Becky Carpenter with any questions.

OPAL selects PDAP participants through a two-step application process. The Spring 2024 application is now closed. Stay tuned for the next round!

Step 1: Letter of Interest

All PDAP applicants must first complete the Letter of Interest (LOI) form.

Step 2: Full Application

Based on the strength of the LOI, select applicants will be invited to submit a full application. Project sponsors will be asked to provide much greater detail about their project’s development vision, construction budget, capital stack, and ability to execute. Additional details will be provided soon.

Fund Investment

For professional developers and others with the internal capacity to sponsor a real estate investment opportunity, our family of funds could be a source of capital for your project.

The OPAL corporate family and our partners offer the following types of capital for real estate projects that meet our underwriting criteria:

Mezzanine debt (typically during construction period)
Preferred equity
Common equity (for both traditional and Opportunity Zone projects)
Federal historic tax credit syndication (typically for smaller historic revitalization projects)

We invest across all asset classes (including residential, industrial, and commercial) and in all geographies within Alabama, with a priority for projects where our investment can catalyze local growth. We invest in ground-up construction, major rehabilitation, or other value-add deals. Investment time horizons range from 12-24 months to 10+ years, depending on the fund that best fits the project.

For our family of funds to consider an investment, the project must demonstrate support from the community. If you are the sponsor of an project that you believe merits consideration by the OPAL family of funds, please contact Becky Carpenter.