CIM Group and Bryant Group Ventures (BGV), founded by influential leader and entrepreneur John Hope Bryant, have launched CIM-BGV Impact Ventures, an impact-driven partnership to address the need for affordable housing throughout the U.S.
The partnership’s CIM-BGV Affordable Housing Impact Fund (AHIF) completed its first closing on Oct. 17, securing $250 million-plus in total investment capacity through fund equity and access to loan capacity. This positions the fund to achieve its target within one year, enabling approximately $1 billion of total capacity for affordable housing investments. Anchor investors include Flagstar Bank and Truist Bank, with additional equity support from City National Bank and other leading financial institutions.
The AHIF has a deep pipeline of opportunities, according to CIM-BGV Impact Ventures. It expects to commence closing transactions in initial key markets of Southern California, Georgia, the Washington, DC metro, New York metro and Florida within the next few months.
Pictured: Parkview Living in Los Angeles, a previous affordable development by CIM Group.
The post CIM, Bryant Group Partner on Impact Venture for Affordable Housing appeared first on Connect CRE.
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