Belpointe PREP LLC Dossier
Qualitative Analysis
Business overview
Belpointe PREP, LLC ("Belpointe OZ") is a Delaware limited liability company and the first publicly traded Qualified Opportunity Fund (QOF) listed on a national securities exchange (NYSE American: OZ). The company focuses on identifying, acquiring, developing or redeveloping, and managing commercial and mixed-use real estate properties located within Qualified Opportunity Zones. Belpointe OZ operates primarily through its Commercial and Mixed-Use segments, targeting multifamily developments in high-growth Sun Belt and university markets. The company is externally managed by Belpointe PREP Manager, LLC, an affiliate of its sponsor, Belpointe, LLC.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Focusing on leasing and stabilizing the newly completed flagship developments, Aster & Links in Sarasota, FL, and VIV in St. Petersburg, FL.
Expected impact: Will significantly increase rental revenues, improve net operating income (NOI), and enable refinancing into lower-cost permanent debt.
Executing post-construction refinancing transactions, such as the mortgage and mezzanine loans for Aster & Links, to support liquidity and reduce interest burdens.
Expected impact: Reduces interest expense, improves cash flow, and supports long-term operational focus.
Exploring opportunities to raise development capital at the property level for pipeline projects, such as 1700 Main Street in Sarasota, FL, and sites near the University of Connecticut.
Expected impact: Allows the company to advance its development pipeline without solely relying on corporate-level capital, while offering participation opportunities to existing Class A unitholders.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Consolidates the company's indirect ownership interest in the 100 Tokeneke Road property and provides a structured liquidity mechanism [2.2.2].
Terms: Suozzi contributed an indirect ownership interest in the property to Tokeneke Partners in exchange for 243,000 Class B units. He holds a put right through May 31, 2027, to sell some or all of his units to Belpointe PREP at $14.50 per unit, payable in Class A units valued at market price. A corresponding call right exists for the Tokeneke Manager between June 1 and December 31, 2027.