CEI-Boulos Capital Management

Last week our CEO Sam Spencer had the opportunity to moderate a panel at the U.S. Housing & Community Development Conference in Dallas, Texas alongside the sponsors of high-impact affordable housing projects that are part of portfolio of the AIC CEI-Boulos Opportunity Fund (CEI-Boulos’s partnership with Allivate Impact Capital). Panelists included Peter Nitze, CEO of Nitze-Stagen & Company, Inc. of Seattle, Chris Barnes, CEO of Bread of Life, Inc. of Houston, and Barrett Linburg, Founder/Principal of Savoy Equity Partners of Dallas. We were excited to discuss how high-impact, community-centered affordable housing developments can be financed through public-private partnerships, including bank sponsored, Community Reinvestment Act (CRA)-motivated private investment funds (like the AIC CEI-Boulos Opportunity Fund) as a key component. And how transit-oriented, sustainability focused affordable housing projects can be designed to meet community needs, help address the nation’s housing crisis, and make a positive financial return for investors. A special thank you to our friends Bread of Life Chief Operating Officer Dr. Monique A. Williams Bread and Founder Pastor Rudy Rasmus for the photos and the cheerleading! And thanks to Eric Iravani Executive Director of U.S. Housing & Community Development Conference for inviting us! #AffordableHousing #PublicPrivatePartnership #ImpactInvestment #CRA #OpportunityZone Our partners at Allivate Impact Capital: Noelle St.Clair Lentz, Doug Schaeffer, Daniel Rodrigo Galindo, MBA, Perashina LaMotte. And the entire CEI-Boulos team: Gretchen Ascher, Dasha White, Mark Kaplan, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Nancy Gephart, Sam Spencer, Leah Batt

CEI-Boulos Capital Management is proud to announce the AIC CEI-Boulos Opportunity Fund’s $12 million Opportunity Zone investment in SoLa Impact’s innovative 43rd and Vermont Affordable Housing Project, creating 188 new units of affordable housing in South Los Angeles for families and individuals who have experienced homelessness. The project is led and developed by SoLa Impact, one of the largest minority-owned and operated development firms in the US. Founded by Martin Muoto, SoLa Impact is dedicated to making a positive social impact. The $63 million transit-oriented and environmental sustainability focused project will use prefabricated modular units built by Model/Z, a company owned by the founders of SoLa Impact. This modular approach is expected to dramatically reduce the time to complete the project and result in 35% less material waste. New Secretary of HUD Scott Turner recently visited the Model/Z factory and praised its innovative approach. The project will prioritize renting to neighborhood residents who have experienced homelessness, utilizing Section 8 vouchers to ensure residents pay no more than 30% of their income on rent. In addition, for a term of 55 years, 80% of units will be restricted to those earning 80% of the U.S. Department of Housing and Urban Development (HUD) area median income (AMI) or less, with remaining units will be restricted to those earning 110% or less under the California Department of Housing & Community Development’s definition of AMI. “The need for affordable housing to address Los Angeles’s homelessness and housing crisis is more critical than ever before, and the innovative modular construction of the 43rd and Vermont Project will help bring new quality housing online in less time than traditional building methods,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The AIC CEI-Boulos Opportunity Fund is proud to be partnering with SoLa Impact, a truly community-focused development company that understands the needs of South Los Angeles, to support this innovative and impactful project.” Learn more at: https://lnkd.in/gc_AHCiu The AIC CEI-Boulos Opportunity Fund is a joint venture between Allivate Impact Capital®, a subsidiary of Woodforest Financial Group, Inc., and CEI-Boulos Capital Management. Thanks to our partners at SoLa Impact: Martin Muoto, Gray Lusk,  Bill O'Neil, Sherri Francois, Aram Adajian, Sarah Hardwick, Nick Caton Our partners at Allivate Impact Capital: Noelle St.Clair Lentz, Doug Schaeffer, Daniel Rodrigo Galindo, MBA, Perashina LaMotte.   And the entire CEI-Boulos team: Gretchen Ascher, Dasha White, Mark Kaplan, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Sam Spencer.

We are honored that the redevelopment of a historic former collar factory building into Troy’s new Bargain grocery , an innovative grocery which facilitates fresh food access for people with lower incomes, has received the CoStar Group Impact Award for “Lease of the Year for 2024 in the Albany Market.” The Bargain Grocery is part of the $75 million Flanigan Square Transformation Project in Troy’s North Central neighborhood, which is being developed by First Columbia and funded by a majority investment from the NBT CEI-Boulos Impact Fund. Congratulations to First Columbia, NBT Bank, Mike Servello and Compassion Coalition on this well-deserved honor! Learn more at: https://lnkd.in/gBz8Wcue Nathaniel Bette Victoria Harris Kimberly Twitchell Florence Doller Catherine Manion Sam Spencer Gretchen Ascher Dasha White Mark Kaplan, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Nancy Gephart

CEI-Boulos Capital Management is proud to announce the AIC CEI-Boulos Opportunity Fund’s majority equity investment in the Marcus Affordable and Workforce Housing Project—bringing 76 units of long-term affordable, transit-oriented, and sustainability-focused housing to predominantly Black and historically redlined the Cedars neighborhood in South Dallas. The urban infill project will provide much-needed, long-term affordable housing for the neighborhood. Through a property tax exemption agreement with the City of Dallas, 51% of the units will be formally rent-restricted and income-restricted for a period of 60 years to be affordable to renters earning 60% to 80% of the Area Median Income (AMI) or below. The remaining units will be rented as naturally occurring affordable housing. The Cedars, a historically Black neighborhood, faces high housing cost burdens. This project aims to address these challenges while supporting revitalization, environmental sustainability, and community growth. The project will focus on environmental sustainability and will meet National Green Building Standard (NGBS) certification. Its transit-oriented location provides easy access to eco-friendly commuting via bus, light rail, and streetcar connections throughout Dallas. The Marcus Affordable and Workforce Housing Project, is being developed by Savoy Equity Partners, a Dallas-based real estate development company that specializes in multi-family affordable and workforce development throughout Texas. This is the AIC CEI-Boulos Opportunity Fund’s second investment in South Dallas with Savoy. The project is aligned with various community and economic development plans and initiatives of the City of Dallas and will contribute to the City of Dallas’s goal to revitalize the Cedars neighborhood in a manner that promotes sustainable, transit-oriented and equitable growth. We're thrilled to partner with Allivate Impact Capital, Savoy Equity Partners and the City of Dallas to create affordable housing, improve walkability, and help revitalize the Cedars neighborhood. Learn more: https://lnkd.in/g4Trrtxg Thank you to our partners at Allivate Impact Capital: Noelle St.Clair Lentz, Doug Schaeffer, Daniel Rodrigo Galindo, MBA, Perashina LaMotte, Jennifer E. Our friends at Savoy Equity Partners: Barrett Linburg, G. Hunt Neurohr, and Bobby Wunderlick. And the entire CEI-Boulos team: Leah Batt, Gretchen Ascher, Dasha White, Mark Kaplan, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Sam Spencer, Nancy Gephart.

🎉 In partnership with TD Bank, CEI-Boulos Capital Management is excited to launch its latest high-impact fund - the 481 CEI-Boulos Impact Fund, LLC! 🎉 The $25 million real estate equity investment fund will invest in high-impact, community-supported commercial real estate projects in low and moderate-income communities within the bank’s Community Reinvestment Act (CRA) assessment areas in the Philadelphia metro region, including parts of New Jersey and Delaware. TD Bank is the sole investor in the fund and CEI-Boulos is the fund’s manager. The fund’s targeted social and environmental impacts include: • Affordable and workforce housing • Projects that help create good jobs • Neighborhood revitalization/historic preservation developments that do not contribute to gentrification/displacement • Developments that serve non-profit organizations • Environmentally sustainable and transit-oriented real estate developments Nancy Gephart, an experienced veteran of social impact real estate development in the Philadelphia metro region has recently joined CEI-Boulos Capital Management as Senior Vice President for Investments. Gephart, based in Philadelphia, will help lead the 481 CEI-Boulos Impact Fund as one of the fund’s Managing Directors. The fund is in the process of appointing a Social Impact Advisory Board which will review proposed investments based on each project’s social and environmental impact, alignment with community needs, and community support. “We’re thrilled to be working with TD Bank on this innovative fund to invest in high-impact, community supported real estate projects in the Philadelphia region, especially much needed affordable and workforce housing.” said Sam Spencer, Chief Executive Officer and Managing Director, CEI-Boulos Capital Management. “Together, we aim to deliver long-term benefits to communities within the bank’s CRA assessment areas.” Learn more: https://lnkd.in/gydM9hjU #ImpactInvesting #CommunityDevelopment #AffordableHousing #SocialImpact #CRA #ImpInv David Birkhahn, Scott Mullarkey, Leah Batt, Gretchen Ascher, Dasha White, Mark Kaplan, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Sam Spencer, Nancy Gephart

Join the CEI-Boulos Team! CEI-Boulos Capital Management, LLC is seeking an Investment Analyst with a background and strong interest in real estate investment and finance, and quantitative analysis. This role is designed to support the senior staff in managing and expanding the company’s investment funds focused on making high-impact commercial real estate projects across the country. This position is based in Portland, Maine and we are currently working on a hybrid model. Learn more and apply: https://lnkd.in/gyj8ninc

CEI-Boulos Capital Management is proud to announce the AIC CEI-Boulos Opportunity Fund’s equity investment in the Lake Cliff Affordable and Workforce Housing Project which will provide 263 units of much needed long-term affordable, transit-oriented and sustainability focused housing in Southwest Dallas’s predominantly Hispanic neighborhood of Lake Cliff. Lake Cliff lags surrounding neighborhoods economically and needs revitalized affordable housing. The neighborhood suffers dilapidated housing stock with high vacancy and negligent ownership. The census tract in which the new developments are located is classified as “severely distressed” and as a “high housing need area” by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. The project consists of three properties - including two newly constructed developments and one rehabilitation of an existing building - each located within one mile of each other.  All 263 units will be affordable to renters who earn 60% to 100% of Area Median Income (AMI). As part of a tax-exemption agreement with the City of Dallas, 51% of the 202 newly constructed units will be formally rent restricted to be affordable for a staggering 75 years. 41% percent of units will be restricted at or below 80% AMI, while 10% of the units will be restricted at or below 60% AMI. The project’s new construction will have a sustainability focus and will meet National Green Building Standard (NGBS) certification. The developer has partnered with the Texas Tree Foundation to plant over 200 trees to further beautify the Lake Cliff neighborhood. The project is transit-oriented with all three properties located within a five to 15-minute walk from multiple public transit options managed by the Dallas Area Rapid Transit. The project is being developed by Savoy Equity Partners, a Dallas-based real estate development company that specializes in multi-family affordable and workforce development throughout Texas. Savoy’s portfolio includes ownership and operation of 22 properties within the Lake Cliff area, consisting of 947 units. This project will build on Savoy’s track record in completing community-minded affordable and workforce housing projects with the goal of contributing to revitalization of the area. Learn more at https://lnkd.in/gYa6rdCf. Thank you to our partners at Allivate Impact Capital: Noelle St.Clair Lentz, Doug Schaeffer, Daniel Rodrigo Galindo, MBA, Perashina LaMotte, Jennifer E.. Our friends at Savoy Equity Partners: Barrett Linburg, G. Hunt Neurohr, and Bobby Wunderlick. And the entire CEI-Boulos team: Leah Batt, Gretchen Ascher, Dasha White, Mark Kaplan, Stuart Hean, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Sam Spencer, Nancy Gephart.

CEI-Boulos Capital is proud to announce the AIC CEI-Boulos Opportunity Fund’s majority investment in the Knowles-Rowland House (yes, that Knowles and Rowland!), a permanent supportive housing project in Midtown Houston that will serve people experiencing chronic homelessness. The project is sponsored by Bread of Life, Inc., a well-respected nonprofit affiliated with St. John’s Downtown Church, that focuses on issues of homelessness, health, and hunger.  Originally constructed in 1999 as a gymnasium and youth center using funds derived from the earnings of Destiny’s Child first single and named after band members/longtime church members Beyoncé Knowles and Kelly Rowland, the Knowles-Rowland Center for Youth experienced significant damage due to Hurricane Harvey in 2017 and a fire in 2021 and has since been primarily used for storage. Beyoncé and her mother Tina Knowles attended an event announcing the new permanent supportive housing project in September 2024. The redevelopment of the site will create 31 units of permanent supportive housing serving the chronically homeless. Chronic homelessness is defined by HUD as being homeless continuously for at least one year or having at least four episodes of homelessness in the past three years totaling at least 12 months. Other project highlights: ·        Residents will have access to social services such as case management, mental health counseling, substance abuse treatment, life skills training, and nutrition assistance via a partnership with Temenos Community Development Corporation. ·        Rent within the project will be 100% subsidized by HUD’s Project-Based Voucher program administered by the Houston Housing Authority. ·        16 units will be designed to accommodate those with mobility or sensory impairments. ·        Environmental sustainability features: public transit-orientation, use of Energy Star devices and the adaptive reuse of a hurricane-damaged property ·        Residents of the project will be able to remain housed at the project as long as needed - virtually no one leaves permanent supportive housing and goes back to homelessness. Permanent supportive housing has been a key component of Houston’s successful and nationally renowned approach to addressing homelessness. Learn more at https://lnkd.in/gimybQj3 Thank you to our partners at Allivate Impact Capital: Noelle St.Clair Lentz, Doug Schaeffer, Daniel Rodrigo Galindo, MBA, Perashina LaMotte. Our friends at Bread of Life, Inc.: Rudy Rasmus, Sandra Robicheaux, BSBM, CAM, Chris Barnes, Dr. Monique A. Williams. And the entire CEI-Boulos team: Leah Batt, Gretchen Ascher, Dasha White, Mark Kaplan, Stuart Hean, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Sam Spencer.  

Seattle’s Atrium Court affordable and workforce housing project, a high-impact investment of the AIC CEI-Boulos Opportunity Fund, is featured on the cover of Amazon Housing Equity Fund’s 2024 annual report! AIC CEI-Boulos Opportunity Fund, a partnership between CEI-Boulos Capital Management and Allivate Impact Capital, invested $15 million for a majority ownership interest in the project, while Amazon Housing Equity Fund provided a $16 million low-interest loan to ensure that 74% of the project’s 271 apartments will be restricted to affordable between 50% to 80% of area median income for a staggering 99 years! Atrium Court, located in the diverse South Seattle neighborhood of Othello started construction in January. The project has a strong focus on environmental sustainability, including reducing energy consumption and conserving water. The project will employ modern green building design features, construction methods, and operating systems including stormwater management, a 33-kilowatt roof mounted solar array, passive solar design, compost collection, and no fossil fuel-dependent systems for building heat. In addition, the transportation-oriented project is less than 200 feet from the Othello Light Rail Station – reducing future tenants’ need for cars, resulting in a smaller financial burden and carbon footprint. The project supports Seattle’s “Urban Village” concept within the city’s “Seattle 2035 Comprehensive Plan,” which aims to increase housing density and affordability in neighborhoods near light rail stations, prioritizing walkability and public transit over driving. To address the increasing scarcity of affordable housing for residents earning low and moderate incomes in the Othello neighborhood, 59% of the development’s 271 units will be income-restricted to those earning no more than 80% Area Median Income (AMI), while 10% of units will be income-restricted at 60% AMI, and 5% of units will be income-restricted at 50% AMI. All affordability requirements will have a term of 99 years. The developer of the project is OZ Navigator, a joint venture between Housing Diversity Corporation and Nitze-Stagen & Company, Inc.. OZ Navigator conducted extensive multilingual outreach to determine community needs which informed the project’s planning and design. One feature created in response to community feedback will be a lighted rotating sculpture at the building’s entrance created by local artist Fumi Amano that displays various phrases in languages spoken within the Othello community. We are pleased to be partnering with Amazon Housing Equity Fund on this impactful project and are excited that Amazon Housing Equity Fund decided to so prominently highlight it! Alice Shobe. Lisa Nitze, Bradley Padden, Mathias Cohanim, Julie Xu, Robert Tiscareno, Daniel Gallagher, Adina Eaton, Noelle St.Clair Lentz, Perashina LaMotte, Doug Schaeffer 

Last week, CEI-Boulos Capital Management celebrated the completion of construction of the new Bargain Grocery in Troy, New York at a ribbon cutting ceremony. CEI-Boulos CEO Sam Spencer along Alfred Testa, NBT Bank Senior Vice President and Commercial Executive for the Capital District, represented the NBT CEI-Boulos Impact Fund. The two spoke alongside NY Lt. Governor Delgado, US Representative Paul Tonko, Troy Mayor Carmella Mantella, Bargain Grocery & Compassion Coalition founder Mike Servello, and developer First Columbia CEO Kevin Bette. Bargain Grocery is run by the Compassion Coalition, a community service nonprofit that serves low-income households in need through a new delivery model treating everyone with dignity. Bargain Grocery purchases its inventory through a partnership with national and local vendors, purchasing food that was overproduced at a discount to resell as low prices to the public, helping prevent food waste and facilitating fresh food access for people with lower incomes.   The Bargain Grocery’s new location is part of the Flanigan Square Transformation Project, an approximately $75 million socially impactful, environmentally conscious, transit-oriented and community informed master plan, located at the 500 block of River Street along the Hudson River waterfront in the historically underinvested North Central neighborhood of Troy. NBT CEI-Boulos Impact is the majority investor in the project, which includes renovation of a historic six-story building to create 72 units of affordable and workforce housing, along with commercial space to reestablish essential services in neighborhood, including a childcare center. “CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested through impactful developments like the Flanigan Square Transformation Project,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The opening of Bargain Grocery, along with the future addition of 72 apartment units will increase the quality of life for the local community, in particular for residents with low incomes, by increasing access to quality food and housing at affordable prices.” Learn more about the project at https://lnkd.in/gq2PX5V9