Fund I closed to new investors in 2018 after receiving commitments from Penzance and a diverse mix of 16 premier institutional investors, including foundations, endowments, a private pension fund, and a family office.
In a partnership with a Boston-based hedge fund, Penzance broke ground on the Highlands mixed-use development concurrently with the execution of a $380 million construction loan financed by Mack Credit Real Estate Strategies.
