Exact Capital Group receives capital investment from TruFund’s Impact Developers Fund to accelerate growth

NEW YORK, 12 October 2021 / PRNewswire / – TruFund Financial Services (“TruFund”), a community development financial institution located in New York City, today announced that it has made an equity investment in Exact Capital Group, LLC, a majority black-owned real estate development company headquartered in New York, New York State which specializes in the development and management of affordable and mixed-use residential and commercial real estate. The investment in preferred shares will support critical aspects of Exact Capital’s strategic growth plan, specifically enabling the company to pursue the development of affordable housing for low and moderate income residents, to take advantage of increased liquidity and allow it to develop its internal capacity.

(PRNewsfoto / TruFund Financial Services, Inc.)

“Access to affordable forms of capital has limited the opportunities for BIPOC developers and has significantly hampered their growth potential,” said James H. Bason, President and CEO of TruFund, the fund manager. “Ensuring racial equity by providing access to capital is essential and a key objective of the fund’s mission. Our preferred equity investment will enhance Exact Capital’s organizational growth trajectory and enable it to easily and actively seek affordable housing and other economic development opportunities in underserved communities. “

The Exact Capital investment is the fourth investment of the Impact Developer Fund (“IDF”), launched in july 2020 by Morgan Stanley, TruFund Financial Services and the Ford Foundation. IDF was established to provide equity capital and technical support to emerging real estate developers, particularly businesses run by women and people of color. Lack of access to equity and similar capital prevents emerging developers from successfully and actively seeking affordable housing development opportunities. Exact Capital, which has 15 years of experience in workforce development, affordable and market-priced housing, was identified early by IDF as an attractive potential investment.

“Morgan Stanley, TruFund and the Ford Foundation are truly at the forefront of the market in providing this very important capital to BIPOC companies. There have been many headlines and announcements made in response to the racial equity mandate, but no other organization has has made as much of an impact as the three of you have. Making capital investments directly into BIPOC businesses is crucial to funding their growth, especially in the world of affordable housing. ” Craig livingston, Managing Partner at Exact Capital.

“We are delighted to support Exact Capital’s efforts to expand access to affordable housing,” said Roy Swan, director of mission investments for the Ford Foundation. “TruFund has excelled at finding high potential companies in which to invest, and we look forward to seeing what the Exact Capital team achieves in the future.”

“Morgan Stanley is proud to support Exact Capital Group through this investment and to help advance their growth and impact in building diverse and sustainable communities through affordable and mixed-income housing,” said Joan Tally, Director General Manager of Community Development Funding at Morgan Stanley.

The Impact Developers Fund has identified its first cohort and plans to make subsequent announcements shortly. Future cycles are expected to expand to serve more BIPOC developers across the country. TruFund Financial Services is actively mobilizing additional capital to support this initiative. For more information on the IDF, please contact James H. Bason [email protected] or André A. Simon [email protected]

About TruFund Financial Services, Inc.
TruFund Financial Services, Inc. is a fully independent, national, not-for-profit community development financial institution (CDFI). TruFund seeks to stimulate economic development in communities underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance, and innovative solutions to small businesses and non-profit organizations.

Follow TruFund on Facebook, LinkedIn, and Twitter to learn more about the company’s programs and initiatives or visit www.trufund.org.

About the exact capital
Founded in 2006, Exact Capital is a New York City real estate development company having its head office with projects mainly in New York City as good as New Jersey, and other parts of the east coast, which primarily focuses on the acquisition, financing, development and management of real estate. The team has over three decades of experience and is committed to developing real estate assets to their best and best use, while honoring the distinctive characteristics of the communities they serve. It works with community members and private and public sector institutions to add value to neighborhoods by turning dilapidated structures, vacant lots and other underperforming or underperforming real estate into value-added assets.

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the firm’s employees serve clients around the world, including businesses, governments, institutions and individuals. For more information on Morgan Stanley, please visit www.morganstanley.com

About the Ford Foundation
The Ford Foundation is an independent, non-profit granting organization. For more than 80 years, she has worked with courageous people on the front lines of social change around the world, guided by her mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation and advance human achievements. With its seat at New York, the foundation has offices in Latin America, Africa, the Middle East, and Asia.

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SOURCE TruFund Financial Services, Inc.

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