Tawan Davis, founder and CEO of Steinbridge Group, is launching a $50 million fund to boost homeownership in Philadelphia through a partnership with PNC Bank, writes Ryan Mulligan for the Philadelphia Business Journal.
Davis originally made deals on office buildings but left the sector before the pandemic. He then started buying distressed residential properties, including in Philadelphia, to provide affordable living options for families and individuals in gentrifying neighborhoods.
What started as a build-to-rent program has now switched focus to boosting homeownership. Davis believes that the $50 million infusion will help kickstart around $1.3 billion in development projects. The funding came from a joint venture with FrontRange Co-GP Property Fund, an affiliate of FrontRange Capital Partners.
The construction will happen all over the nation, including here in Philadelphia, where Steinbridge is headquartered and where the company’s owner lives. According to Davis, there are currently around $480 million of development and redevelopment projects in the pipeline nationwide.
He added that Philadelphia is the perfect city to help individuals cross the threshold between being renters and becoming owners.
“The band between homeownership and rentership is relatively small in Philadelphia,” he said.
Read the full article at Philadelphia Today.