The owner of a former downtown Reno hotel-casino just launched an investment fund to raise capital for the property following several snags in its redevelopment.
Charlotte, North Carolina-based Madison Capital Group is looking to raise $36 million for the redevelopment of the former Harrah’s Reno hotel-casino — now rebranded as the Reno Revival project — through a newly created Qualified Opportunity Zone Fund.
A Qualified Opportunity Zone Fund, also known as a QOF, is an investment vehicle that generates capital from a pool of people looking to put money in projects located in qualified “Opportunity Zones.”…