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, announced today that the platform closed three Freddie Mac conventional multifamily loans totaling $27.8M.
The 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 totaling 452 units. All three complexes have at least 93% occupancy.
BMF undertook a quick and efficient closing process that completed in less than five weeks of taking the loans under application. All three loans were sponsored by AMBO Properties, and were made to refinance existing Basis bridge loans, which were used to renovate the 3 garden-style apartment complexes.
“Basis is committed to serving underrepresented groups, whether in regard to diversity initiatives or those in need of workforce housing,” said Tammy K. Jones, Basis CEO and Founder, who noted that Basis has a long track record of investing and lending real estate debt and preferred equity—’Dequity’—across the capital stack totaling more than $5 billion in transactions throughout the country. “These three transactions highlight the versatility of the platform through our ability to provide the initial bridge loans as well as the Freddie Mac take-out 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 to be founded and majority owned by an African American woman.
Jones founded Basis in 2009 during the height of the global recession, as she sought to create an alternative lending platform focused on diversification, not just across the company’s portfolio and investments, but among team members. Through its 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 yield and is steadfast on breaking down traditionally exclusive barriers to entry within this often-exclusive field.