San Francisco-based Belveron expands its presence on the East Coast and Conifer gains a mission-oriented partner dedicated to preserving at-risk properties
SAN FRANCISCO, Oct. 20, 2020 /PRNewswire/ -- Belveron Partners, a privately held investment firm focused on housing preservation, and Conifer Realty, one of the nation's largest affordable housing developers, owners, and property managers, announced their closing today. Belveron's investment marks one of several changes in control over Conifer's 45-year history, the latest being when founding member Richard Crossed named Timothy D. Fournier as president and CEO in 2012.
This moment is the successful culmination of Conifer's deliberate work to ensure the company's continuity and growth. The acquisition required support from more than four dozen federal, state, and local agencies, plus 70 general, limited, and non-profit partners. The industry reputation of both firms smoothed the way and positions Conifer for ongoing market leadership.
"Closing an investment of this magnitude and complexity in the midst of a global pandemic presented new challenges. We are glad to have it concluded as we believe this investment strategy represents the future of affordable housing preservation," said Paul Odland, Founder of Belveron Partners. "Forward-looking firms like Conifer know equity and acumen are essential to ensure both the company and the housing they have built is protected, improved, and available to serve low- and middle- income families for decades to come."
"Belveron Partners' investment will position Conifer in a unique place in our industry, able to make investments in our growth and our culture, resulting in an even stronger, positive impact on the communities we serve," added Joan Hoover, President and CEO of Conifer.
All told, the closing encompasses more than 500 employees, nearly 30,000 residents, 194 properties, 15,340 homes, and 12 new construction projects in various phases of development. Hoover's role as President has also been expanded to CEO and member of the Board, to which she also reports. The board includes Paul Odland, Louis A. Harrison, who spearheaded the investment for Belveron, Tim Fournier as Chairman, and Ryan Fuson, Managing Director of Redwood Housing.
Belveron and Redwood are frequent partners, having closed on multiple properties as recently as earlier this year in New Jersey and Washington DC.
Belveron Partners is committed to affordable housing through a variety of investments. Earlier this month, Belveron celebrated the preservation of Mercantile Wharf, a longtime refuge for low- and middle-income families in Boston's historic North End neighborhood. The mixed-income community faced the prospect of conversion to condominiums or sale until Belveron and its partners secured a new Section 8 contract for residents there, resulting in long term protections and a rent reduction for many households.
About Belveron Partners
Belveron Partners is a real estate investment company focused on the preservation and creation of affordable and workforce housing across the country. Belveron and its affiliates provide quality affordable rental homes in 32 states, with ownership in more than 300 properties, over 30,000 units, housing more than 60,000 people.
Belveron is headquartered in San Francisco with offices in Massachusetts, New Jersey, and New York. Belveron focuses on maximizing results for all its stakeholders through public-private partnerships, concerted preservation of affordable housing, with lasting commitments to the communities it serves.
About Conifer Realty
Conifer Realty, LLC is a nationally ranked, full-service real estate company specializing in the development, construction, management and ownership of high-quality, affordable housing communities. Since its inception in 1975, Conifer has grown considerably – currently owning and managing more than 15,300 multifamily units representing 228 apartment communities in New York, New Jersey, Pennsylvania and Maryland. In addition, the Company consistently maintains a pipeline of over 30 unique projects in various stages of the development process.
About Redwood Housing
Redwood Housing is an impact developer that is focused on raising the standard of living for low- and moderate-income Americans primarily by developing and preserving affordable senior and multi-family properties throughout the country. Since its inception, Redwood Housing and its affiliates have acquired and developed more than 20,000 units of affordable housing while positively impacting the lives of more than 50,000 residents across 14 states.
Kelly Magee, Belveron Partners
(212) 203-3597 / firstname.lastname@example.org
Sandy Gorie, Conifer Realty
(585) 324-0511 / email@example.com
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SOURCE Conifer Realty