Woodborn Partners Receives Equity Investment from TruFund's Impact Developers Fund for Project Development
NEW YORK, July 21, 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 Woodborn Partners, LLC, a Black-owned real estate development firm headquartered in Detroit, MI. Woodborn Partners specializes in financing, developing and operating mixed-income and affordable residential projects. The preferred equity investment will support critical aspects of Woodborn Partners' strategic growth plan, specifically allowing the firm to continue with the development of new affordbale housing projects.
"This investment from TruFund's Impact Developers Fund will elevate Woodborn Partners financial profile, augment its strategic development pursuits, increase its organizational capacity echelons and position Woodborn to achieve significant community impacts which include the creation and preservation of affordable housing in low and moderate income communities" said James H. Bason, President and CEO of TruFund Financial Services, Inc., the fund manager
The Woodborn Partners investment is the third investment by the Impact Developer Fund ("IDF"), launched in July 2020 by Morgan Stanley, TruFund Financial Services, Inc., and the Ford Foundation. IDF was established to provide equity capital and technical support to emerging real estate developers, especially businesses led by people of color. Lack of access to equity and equity-like capital hinders emerging developers from successfully and actively pursuing affordable housing development opportunities. Woodborn Partners, has a 12-year track record of developing workforce, affordable and market-rate housing.
"Woodborn Partners was started with the mission of building lives, communities, and wealth for and in neighborhoods through thoughtful real estate developments. We are grateful to have found a partner in TruFund whose values align with our own." said Clifford A. Brown, Founder and Chief Executive Officer of Woodborn Partners. "Through TruFund's investment, Woodborn Partners will be able to scale our development portfolio to positively impact more lives in the communities we serve and fulfill our mission of changing peoples' lives via real estate development."
"We are thrilled to invest in Woodborn Partners and support their work to provide quality, affordable housing to communities that need them the most," said Roy Swan, director of Mission Investments for the Ford Foundation. "We're confident they can build on their twelve years of success and continue to create better housing outcomes for all."said Roy Swan, Director of Mission Investments for the Ford Foundation.
"Morgan Stanley is proud to support Woodborn Partners through this strategic investment that that will support their continued positive impact on communities and residents by advancing their delivery of quality, affordable and mixed-income housing," said Joan Tally, Managing Director in Community Development Finance at Morgan Stanley.
The Impact Developers Fund has identified its first cohort and plans to announce each investee in the next several weeks. It is anticipated that future rounds will expand to service more minority developers across the country. TruFund Financial Services, Inc. is actively raising additional capital to support this initiative. For more information about IDF please contact James H. Bason [email protected] or Andre A. Simon [email protected].
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.
Follow TruFund on Facebook, LinkedIn, and Twitter to find out more about the company's programs and initiatives or visit www.trufund.org.
About Woodborn Partners
Established in 2009, Woodborn Partners is a Detroit headquartered real estate development company with operations in the Mid-West and Mid-Atlantic that primarily focuses on real estate development and development advisory services. Their goal is to develop more than just buildings, but lives by creating environments of success. Woodborn focuses on projects that create a shared sense of community through their safety, attractiveness, and ability to increase the value of surrounding communities.
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.
SOURCE TruFund Financial Services, Inc.
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