The MWOB Commercial Real Estate Investment Platform and Lender has Teamed Up with Diverse, Multi-racial Minority Depository Institution to Provide Increased Access to Capital and Credit in Underserved Communities
Basis Investment Group (Basis), a national commercial real estate (CRE) debt and equity investment platform, announced a first-of-its kind origination partnership with Genesis Bank (Genesis), a California-chartered commercial bank focused on serving its target markets of Los Angeles, Orange, Riverside, and San Bernardino Counties, California. The partnership represents the first time a certified minority and woman owned CRE investment platform and Freddie Mac seller servicer has teamed up with a Minority Depository Institution (MDI). The unique partnership will allow Basis to deepen its commitment to underserved communities while providing Genesis with access to additional capital and lending products which will produce more business opportunities that generate wealth.
“Our partnership with a mission aligned, MWOB platform like Basis is uniquely breaking down barriers and broadening our opportunities to deliver our comprehensive suite of products, services, and solutions to the diverse majority minority communities that we serve”
Stephen H. Gordon, Founding Chairman and CEO of Genesis, has a proven track record of founding and leading multiple banking institutions, with dominant industry leading multifamily platforms serving the West Coast. “Our partnership with a mission aligned, MWOB platform like Basis is uniquely breaking down barriers and broadening our opportunities to deliver our comprehensive suite of products, services, and solutions to the diverse majority minority communities that we serve,” said Gordon. “Together, we are leveling the playing field and increasing our reach and capabilities to provide access to capital and credit that is so desperately needed in underserved communities in Southern California.”
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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. Genesis Bank, which originally launched in August 2021 and received its designation as an MDI in September 2021, is the first MDI established within its target markets since 2008 and is one of only two diverse, multi-racial MDIs in the country, of just under 5,000 banks in the U.S.
“Two minority platforms, like Basis and Genesis combining forces to increase access to capital and credit is powerful. We are proud to partner with one of the only diverse, multi-racial MDIs, whose mission aligns with ours—lending in communities that are often overlooked by majority providers—and the social impact and wealth generation this access to capital creates,” stated Tammy K. Jones, CEO and co-founder of Basis. “Through our alliance, Genesis will have access to our additional multifamily and CRE lending products, uniquely positioning them to better serve their diverse client base.”
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Jones co-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.
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