The Steinbridge Group, an impact investing firm focused on real estate, has announced a $100 million commitment to historically Black colleges and universities (HBCUs).
Announced during the first annual ForbesBLK Summit, the commitment will support real estate partnerships aimed at transforming the underutilized assets owned by the nation’s HBCUs and other institutions to catalyze the properties to economically impactful uses. As envisioned by Steinbridge, the institutions will retain meaningful ownership of developments, which will generate revenue and bolster long-term financial gain, while remaining consistent with their missions and values.
To that end, Steinbridge is finalizing initial catalyst developments and plans to commit at least $100 million to those developments over the next year. As part of the initiative, Steinbridge aims to collaborate with partner HBCUs to enable graduates to become homeowners, building wealth in communities that are at risk of displacement due to the impacts of gentrification in transitioning neighborhoods.
“This $100 million commitment expands our strategy to meet the housing and other real estate needs of people in rapidly changing communities across the country, while contributing to capital and investment goals of HBCUs and other organizations,” said Steinbridge Group founder and CEO Tawan Davis. “I look forward to partnering with historically Black colleges, universities, and other institutions.”
Read the full article at Candid.