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Basis Multifamily Finance I, LLC (“BMF”), a subsidiary of Basis Investment Group, LLC, (Basis) a national commercial real estate (CRE) investment platform founded by CEO Tammy K. Jones, today announced , that the platform closed three Freddie. Mac’s conventional multifamily loans total $27.8 million.
Three individual financings provided by Basis, a nationally recognized CRE and multifamily lender and investor, went to the following complexes:
- Glen Hollow Apartments in Kilgore, Texas
- Stone Creek Apartments in Nacogdoches, Texas
- Sunridge Apartments in Nacogdoches, Texas.
The three complexes are affordable housing buildings with a total of 452 units. All three complexes have at least 93% occupancy.
BMF initiated a fast and efficient closing process that was completed in less than five weeks from application for loans. All three loans were financed by AMBO Properties and were issued to refinance existing Basis bridge loans used to renovate 3 garden-style apartment complexes.
“Basis is committed to serving underrepresented groups, whether through diversity initiatives or those in need of workforce housing,” said Tammy K. Jones, CEO and founder of Basis, who noted that Basis has extensive experience in investment and real estate lending. Debt and preferred equity — “dequity” — on a capital stack totaling more than $5 billion in transactions across the country. “These three transactions underscore the versatility of the platform with our ability to underwrite origination bridge loans as well as Freddie Mac loans.”
With few women and even fewer African American women holding C-suite positions in commercial real estate, Basis has the unique status of being one of the only diversified CRE investment platforms in the country founded and majority owned by an African American woman.
Jones founded Basis in 2009, at the height of the global recession, as he sought to create an alternative lending platform focused on diversification, not only across the company’s portfolio and investments, but also among team members. With a strong commitment to diversity, equity and inclusion, Basis has remained a leader in the CRE industry in terms of what a thoughtful and intentional approach to diversity can deliver, and is steadfast in breaking down traditionally exclusive barriers to entry in this often exclusive space. Valley.
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