Tammy Jones, Co-Founder & CEO, Foundation Funding Group. Picture courtesy of Foundation Funding Group
Foundation Funding Group, a nationwide business actual property debt and fairness funding platform, introduced a brand new origination partnership with influence funding platform Lafayette Sq., because it continues to construct partnerships throughout the nation with numerous led and owned capital suppliers.
The origination partnership with Lafayette Sq., a nationwide funding platform geared toward creating funding alternatives in missed locations and underserved markets, is the third such partnership Foundation has established up to now 12 months.
Foundation Founder & CEO Tammy Jones mentioned in a ready assertion the partnerships are a part of the agency’s ongoing initiative to deploy capital and credit score by numerous led and owned suppliers throughout the U.S. Jones mentioned Foundation is wanting ahead to working with the Lafayette Sq. group to assist drive neighborhood influence and assist inclusive actual property developments that uplift their communities.
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Jones based Foundation in 2009 through the peak of the worldwide recession as she sought to create another lending and funding platform targeted on diversification, not simply among the many firm’s portfolio and investments, however amongst group members.
Headquartered in New York Metropolis with illustration in Chicago, Dallas, Tampa, Fla., and Irvine, Calif., Foundation is likely one of the solely diversified CRE funding platforms within the nation to be based and majority-owned by an African American girl. Foundation has closed greater than $5 billion in transactions throughout a number of methods and asset lessons specializing in the center market. The agency can also be the one diverse-owned and licensed Optigo lender for Freddie Mac and DUS lender for Fannie Mae. To this point, Foundation has invested and loaned greater than $1.3 billion with certified numerous house owners and operators.
Previous to this week’s announcement of the partnership with Lafayette Sq., Foundation most lately fashioned an origination platform in late March with First Independence Financial institution, a Detroit-based business financial institution that’s the solely African American-owned financial institution headquartered in Michigan. In April 2022, Foundation partnered with Genesis Financial institution in California, forming the primary partnership of this sort. The Genesis partnership was the primary time a licensed minority- and woman-owned CRE funding platform and Freddie Mac servicer vendor had teamed up with a Minority Depository Funding platform.
Lafayette Sq. deal particulars
Onay Payne, managing director of actual property at Miami-based Lafayette Sq., mentioned in ready remarks the agency’s dedication to deploying capital into traditionally undercapitalized locations and with traditionally undercapitalized folks makes the collaboration with Fundamental extremely strategic. She mentioned the partnership will assist deployment of property-level capital and handle Lafayette Sq.’s deal with place.
Onay Payne, Managing Director of Actual Property, Lafayette Sq.. Picture courtesy of Lafayette Sq.
Payne said the partnership is a significant complement to the agency’s lately launched pilot that focuses on folks with an preliminary $25 million first tranche of capital that Lafayette has focused for company-led debt devices with numerous builders and owner-operators who face acute challenges accessing capital to permit them to achieve scale. Payne mentioned the purpose is to advance low-to moderate-income communities and enhance the socio-economic notability of residents.
A former fairness accomplice and managing director with oversight of a number of funds and investments throughout the U.S. and Mexico whereas at Clarion Companions, Payne joined Lafayette Sq. in 2022 as its first managing director of actual property. As a part of the funding committee, Payne runs all of Lafayette Sq.’s broader actual property actions, together with strategic joint ventures and inclusive actual property growth.
