CEI-Boulos Capital Management

CEI-Boulos Capital is proud to announce the AIC CEI-Boulos Opportunity Fund’s majority investment in the Knowles-Rowland House (yes, that Knowles and Rowland!), a permanent supportive housing project in Midtown Houston that will serve people experiencing chronic homelessness. The project is sponsored by Bread of Life, Inc., a well-respected nonprofit affiliated with St. John’s Downtown Church, that focuses on issues of homelessness, health, and hunger.  Originally constructed in 1999 as a gymnasium and youth center using funds derived from the earnings of Destiny’s Child first single and named after band members/longtime church members Beyoncé Knowles and Kelly Rowland, the Knowles-Rowland Center for Youth experienced significant damage due to Hurricane Harvey in 2017 and a fire in 2021 and has since been primarily used for storage. Beyoncé and her mother Tina Knowles attended an event announcing the new permanent supportive housing project in September 2024. The redevelopment of the site will create 31 units of permanent supportive housing serving the chronically homeless. Chronic homelessness is defined by HUD as being homeless continuously for at least one year or having at least four episodes of homelessness in the past three years totaling at least 12 months. Other project highlights: ·        Residents will have access to social services such as case management, mental health counseling, substance abuse treatment, life skills training, and nutrition assistance via a partnership with Temenos Community Development Corporation. ·        Rent within the project will be 100% subsidized by HUD’s Project-Based Voucher program administered by the Houston Housing Authority. ·        16 units will be designed to accommodate those with mobility or sensory impairments. ·        Environmental sustainability features: public transit-orientation, use of Energy Star devices and the adaptive reuse of a hurricane-damaged property ·        Residents of the project will be able to remain housed at the project as long as needed - virtually no one leaves permanent supportive housing and goes back to homelessness. Permanent supportive housing has been a key component of Houston’s successful and nationally renowned approach to addressing homelessness. Learn more at https://lnkd.in/gimybQj3 Thank you to our partners at Allivate Impact Capital: Noelle St.Clair Lentz, Doug Schaeffer, Daniel Rodrigo Galindo, MBA, Perashina LaMotte. Our friends at Bread of Life, Inc.: Rudy Rasmus, Sandra Robicheaux, BSBM, CAM, Chris Barnes, Dr. Monique A. Williams. And the entire CEI-Boulos team: Leah Batt, Gretchen Ascher, Dasha White, Mark Kaplan, Stuart Hean, Morris Fisher, Betsy Biemann, Drew Sigfridson, Pat Prout, Jackie Lynds, Stacy Sikes, Jennifer Bisson, Charles Spies, Debby Miller, Sam Spencer.  

Seattle’s Atrium Court affordable and workforce housing project, a high-impact investment of the AIC CEI-Boulos Opportunity Fund, is featured on the cover of Amazon Housing Equity Fund’s 2024 annual report! AIC CEI-Boulos Opportunity Fund, a partnership between CEI-Boulos Capital Management and Allivate Impact Capital, invested $15 million for a majority ownership interest in the project, while Amazon Housing Equity Fund provided a $16 million low-interest loan to ensure that 74% of the project’s 271 apartments will be restricted to affordable between 50% to 80% of area median income for a staggering 99 years! Atrium Court, located in the diverse South Seattle neighborhood of Othello started construction in January. The project has a strong focus on environmental sustainability, including reducing energy consumption and conserving water. The project will employ modern green building design features, construction methods, and operating systems including stormwater management, a 33-kilowatt roof mounted solar array, passive solar design, compost collection, and no fossil fuel-dependent systems for building heat. In addition, the transportation-oriented project is less than 200 feet from the Othello Light Rail Station – reducing future tenants’ need for cars, resulting in a smaller financial burden and carbon footprint. The project supports Seattle’s “Urban Village” concept within the city’s “Seattle 2035 Comprehensive Plan,” which aims to increase housing density and affordability in neighborhoods near light rail stations, prioritizing walkability and public transit over driving. To address the increasing scarcity of affordable housing for residents earning low and moderate incomes in the Othello neighborhood, 59% of the development’s 271 units will be income-restricted to those earning no more than 80% Area Median Income (AMI), while 10% of units will be income-restricted at 60% AMI, and 5% of units will be income-restricted at 50% AMI. All affordability requirements will have a term of 99 years. The developer of the project is OZ Navigator, a joint venture between Housing Diversity Corporation and Nitze-Stagen & Company, Inc.. OZ Navigator conducted extensive multilingual outreach to determine community needs which informed the project’s planning and design. One feature created in response to community feedback will be a lighted rotating sculpture at the building’s entrance created by local artist Fumi Amano that displays various phrases in languages spoken within the Othello community. We are pleased to be partnering with Amazon Housing Equity Fund on this impactful project and are excited that Amazon Housing Equity Fund decided to so prominently highlight it! Alice Shobe. Lisa Nitze, Bradley Padden, Mathias Cohanim, Julie Xu, Robert Tiscareno, Daniel Gallagher, Adina Eaton, Noelle St.Clair Lentz, Perashina LaMotte, Doug Schaeffer 

Last week, CEI-Boulos Capital Management celebrated the completion of construction of the new Bargain Grocery in Troy, New York at a ribbon cutting ceremony. CEI-Boulos CEO Sam Spencer along Alfred Testa, NBT Bank Senior Vice President and Commercial Executive for the Capital District, represented the NBT CEI-Boulos Impact Fund. The two spoke alongside NY Lt. Governor Delgado, US Representative Paul Tonko, Troy Mayor Carmella Mantella, Bargain Grocery & Compassion Coalition founder Mike Servello, and developer First Columbia CEO Kevin Bette. Bargain Grocery is run by the Compassion Coalition, a community service nonprofit that serves low-income households in need through a new delivery model treating everyone with dignity. Bargain Grocery purchases its inventory through a partnership with national and local vendors, purchasing food that was overproduced at a discount to resell as low prices to the public, helping prevent food waste and facilitating fresh food access for people with lower incomes.   The Bargain Grocery’s new location is part of the Flanigan Square Transformation Project, an approximately $75 million socially impactful, environmentally conscious, transit-oriented and community informed master plan, located at the 500 block of River Street along the Hudson River waterfront in the historically underinvested North Central neighborhood of Troy. NBT CEI-Boulos Impact is the majority investor in the project, which includes renovation of a historic six-story building to create 72 units of affordable and workforce housing, along with commercial space to reestablish essential services in neighborhood, including a childcare center. “CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested through impactful developments like the Flanigan Square Transformation Project,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The opening of Bargain Grocery, along with the future addition of 72 apartment units will increase the quality of life for the local community, in particular for residents with low incomes, by increasing access to quality food and housing at affordable prices.” Learn more about the project at https://lnkd.in/gq2PX5V9

Recently, CEI-Boulos’s Vice President of Investment Dasha White and our Associate Gretchen Ascher, alongside Noelle St.Clair Lentz and Jennifer E. of Allivate Impact Capital, traveled to Dallas to tour the progress of the Lake Cliff Affordable and Workforce Housing Project. The overall project consists of three buildings that benefited from investment from the AIC CEI-Boulos Opportunity Fund and the Woodforest CEI-Boulos Opportunity Fund. The transit-oriented and environmentally focused project will create 263 units of long-term affordable and workforce housing in an underinvested, predominately Hispanic neighborhood in South Dallas. All units be affordable at or below 60% to 100% of AMI, with a many of units formally restricted at 60% and 80% AMI for 75 years. The small Lake Cliff neighborhood lags surrounding neighborhoods economically and needs revitalized affordable housing as demonstrated by its designation as a “high housing need area” by the U.S. Department of the Treasury’s CDFI Fund. The neighborhood suffers from dilapidated housing stock with high vacancy and negligent ownership. The project will meet National Green Building Standard (hashtag #NGBS) certification. The project is a short walk to multiple public transit options including the Dallas Streetcar System that connects with Downtown Dallas. The team met with the project sponsor, Savoy Equity Partners, represented by Barrett Linburg and G. Hunt Neurohr, to review potential future affordable housing investment opportunities in South Dallas. #AffordableHousing #CDFI #ImpactInvestment #ImpInv #TransistOrientedDevelopment #LakeCliff #SouthDallas Woodforest National Bank

CEI-Boulos Capital Management and Allivate Impact Capital are proud to release the AIC CEI-Boulos Opportunity Fund annual social impact report. The AIC CEI-Boulos Opportunity Fund invests in commercial real estate projects across the country that create #goodjobs, #affordablehousing, #workforcehousing, environmentally sustainable real estate developments, transit-oriented developments and Main Street revitalization or historic preservation developments. Visit ceiboulos.com to download a copy of report and learn more about our high-impact investments: https://lnkd.in/gHMpccrS #ImpInv #ImpactInvestment #CRA #GreenDevelopment #SustainableDevelopment #TransitorientedDevelopment The Boulos Company

CEI-Boulos Capital Management CEO Sam Spencer traveled to South Seattle for the groundbreaking yesterday for the Atrium Court project in the city’s Othello neighborhood. The transit-oriented project will bring 271 new units of affordable and workforce housing, located less than 200 feet from the Othello Light Rail Station. Atrium Court will also bring authentic local retail to this historic and multicultural neighborhood, where more than 40 languages are spoken. The largest and majority equity investor in the project is an investment vehicle jointly sponsored and managed by CEI-Boulos Capital Management and Allivate Impact Capital. The lively event included participation from local restaurants and residents. A special thanks to the project’s partners and supporters: Amazon, OZ Navigator, Housing Diversity Corporation, Nitze-Stagen & Company, Inc., Trez Capital, STS Construction Services, Neiman Taber, Quantum Engineering, Karen Kiest Landscape Architects, Noelle St.Clair Lentz, Doug Schaeffer, Bradley Padden, Adina Eaton, Alice Shobe, Brody Toigo, Peter Nitze, Lisa Nitze, Daniel Gallagher, Craig Haveson, Maiko Winkler-Chin, Roman Rogatko, and Girmay Zahilay  Read more about Atrium Court’s impact: https://lnkd.in/gjmejfft

We are excited to join our investment partners Allivate Impact Capital at the groundbreaking of Atrium Court today, where a collaboration of community-minded developers, investors, and lenders will bring 271 new units of affordable workforce housing and authentic neighborhood retail to help revitalize the community.

We're excited to meet community members and break ground on this project to bring affordable housing to Seattle's Othello neigborhood!

We’re thrilled to be partnering with Allivate Impact Capital & Amazon Equity Housing Fund to invest in Atrium Court, a socially & environmentally impactful project bringing 271 affordable apartments to Seattle's Othello neighborhood. This transit-oriented project is located just steps from the Othello Link Light Rail Station. Our #OpportunityZone investment, from an investment vehicle jointly sponsored and managed by Allivate Impact Capital and CEI-Boulos Capital Management, along with debt financing from the Amazon Housing Equity Fund ensures all apartments will be income-restricted for 99 years, accessible to individuals and families earning between 50% and 80% of the area median income. Housing Diversity Corporation is the lead construction developer for Atrium Court, along with developer partner Nitze-Stagen & Company, Inc..The project, located 7324 MLK Jr. Way in the vibrant multicultural Othello neighborhood, will begin construction later this month. Beyond housing, Atrium Court will foster community with thoughtfully designed retail spaces for locally-owned businesses, creating a vibrant hub for residents and neighbors alike. This project aligns perfectly with our mission of promoting equitable economic development, and we look forward to seeing its positive impact on the Othello community. Some key highlights to share: - 271 affordable apartments: Offering stability and opportunity for low- and moderate-income families. - Prime location: One block from the Othello Link Light Rail Station, increasing accessibility for residents. - Mixed-use development: Promoting pedestrian activity and a vibrant community atmosphere. - Long-term affordability: Income-restricted for 99 years, ensuring lasting affordability. Let's celebrate this step towards a more equitable and thriving Seattle!  #AffordableHousing #CommunityDevelopment #ImpactInvesting https://lnkd.in/gE9h6EW7  

Quality affordable housing is the gift that keeps on giving. Our $15 million investment (jointly sponsored and managed by Allivate Impact Capital and CEI-Boulos Capital Management) in Atrium Court will create 271 new apartments, all priced to be affordable for individuals and families earning between 50% and 80% of area median income (AMI). The project is also located one block from the Othello Link Light Rail Station, reducing resident's reliance on cars, a win for their budgets and the planet. #OpportunityZones #impactinvestment #affordablehousing