NEW YORK, Oct. 14, 2021 /PRNewswire/ -- TruFund Financial Services, Inc. ("TruFund"), a Community Development Financial Institution located in New York City today announced that it has made an equity investment in Lemor Development Group, LLC, a Black-owned real estate development firm headquartered in New York, NY that specializes in the development and management of affordable and workforce housing. The preferred equity investment will support critical aspects of Lemor's strategic growth plan, specifically allowing the firm to leverage increased liquidity, fund affordable/workforce housing project development, and grow internal capacity.
"Lemor Development Group has a proven track record of preserving and creating affordable housing. Their development activities have improved the quality of housing while also strengthening and diversifying many of our neighborhoods," said James H. Bason, President and CEO of TruFund Financial Services, Inc., the fund manager. "We are so excited for the opportunity to make this investment in Lemor. It will provide the capital it needs to accelerate the growth of its businesses."
The Lemor investment is the fifth and final investment by the Impact Developer Fund ("IDF"), launched in July 2020 by Morgan Stanley, TruFund Financial Services, and the Ford Foundation. IDF was established to provide equity capital and technical support to emerging real estate developers, especially businesses led by women and people of color. Lack of access to equity and equity-like capital hinders emerging developers from successfully and actively pursuing affordable housing development opportunities. Lemor, which has a 9-year track record of developing affordable and workforce housing, was identified early by IDF as an attractive potential investment.
We are thrilled about this new alliance and capital infusion - this is a major boost to the strategic plan of Lemor. We applaud Morgan Stanley, TruFund and Ford Foundation for taking a major step to giving MWBEs the backing to build their platforms. These transformative organizations have been responsibly participating in the development of workforce and affordable housing, and we look forward to furthering the mission." said Harrison Rayford, Managing Member and Principal at Lemor Development.
"We are pleased to support Lemor Development Group and help the firm expand its capacity to create affordfable housing," said Roy Swan, Director of Mission Investments for the Ford Foundation. "We are confident that Lemor Development Group will put TruFund's capital to good use and we look forward to seeing the positive impact the firm will have on the residents of its buildings."
"Morgan Stanley is honored to contribute to building community and driving positive impact in New York City by supporting firms like Lemor Development Group ," said Joan Tally, Managing Director in Community Development Finance at Morgan Stanley. "We thank our partners, TruFund Financial Services and the Ford Foundation for leading the way with the Fund."
The Impact Developers Fund has now fully identified and announced its first cohort of investees. It is anticipated that future rounds will expand to service more BIPOC developers across the country. TruFund Financial Services is actively raising additional capital to support this initiative. For more information about IDF please contact James H. Bason firstname.lastname@example.org or Andre A. Simon email@example.com.
About TruFund Financial Services, Inc.
TruFund Financial Services, Inc. is a wholly independent national nonprofit Community Development Financial Institution (CDFI). TruFund seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance, and innovative solutions to small businesses and nonprofit organization.
Established in 2012, Lemor is a New York City headquartered real estate development company with projects primarily in New York City as well as other parts of the East Coast, that primarily focuses on the acquisition, preservation, construction and management of real estate. The team has over fifty years of combined experience and is committed to providing quality and sustainable affordable and workforce housing. Its vision is to reduce the critical shortage of affordable housing, impact the lives of tenants beyond the four walls and become inspirational to growing BIPOC firms as a diverse and socially aware developer.
Follow Lemor on LinkedIn and Instagram to find out more about the company and initiatives or visit www.lemordev.com/.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com
About the Ford Foundation
The Ford Foundation is an independent, nonprofit grant-making organization. For more than 80 years it has worked with courageous people on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. With headquarters in New York, the foundation has offices in Latin America, Africa, the Middle East, and Asia.
View original content to download multimedia:
SOURCE TruFund Financial Services, Inc.