NEW YORK, Oct. 14, 2021 /PRNewswire/ -- TruFund Financial
Services, Inc. ("TruFund"), a Community Development Financial
Institution located in New York
City today announced that it has made an equity investment
in Lemor Development Group, LLC, a Black-owned real estate
development firm headquartered in New
York, NY that specializes in the development and management
of affordable and workforce housing. The preferred equity
investment will support critical aspects of Lemor's strategic
growth plan, specifically allowing the firm to leverage increased
liquidity, fund affordable/workforce housing project development,
and grow internal capacity.
"Lemor Development Group has a proven track record of preserving
and creating affordable housing. Their development activities
have improved the quality of housing while also strengthening and
diversifying many of our neighborhoods," said James H. Bason, President and CEO of TruFund
Financial Services, Inc., the fund manager. "We are so excited
for the opportunity to make this investment in Lemor. It will
provide the capital it needs to accelerate the growth of its
The Lemor investment is the fifth and final investment by 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, especially businesses led by women and people of
color. Lack of access to equity and equity-like capital hinders
emerging developers from successfully and actively pursuing
affordable housing development opportunities. Lemor, which has a
9-year track record of developing affordable and workforce housing,
was identified early by IDF as an attractive potential
We are thrilled about this new alliance and capital infusion -
this is a major boost to the strategic plan of Lemor. We applaud
Morgan Stanley, TruFund and Ford Foundation for taking a major step
to giving MWBEs the backing to build their platforms. These
transformative organizations have been responsibly participating in
the development of workforce and affordable housing, and we look
forward to furthering the mission." said Harrison Rayford,
Managing Member and Principal at Lemor Development.
"We are pleased to support Lemor Development Group and help the
firm expand its capacity to create affordfable housing,"
said Roy Swan, Director of Mission Investments for the Ford
Foundation. "We are confident that Lemor Development Group
will put TruFund's capital to good use and we look forward to
seeing the positive impact the firm will have on the residents of
"Morgan Stanley is honored to contribute to building community
and driving positive impact in New York
City by supporting firms like Lemor Development Group ,"
said Joan Tally, Managing
Director in Community Development Finance at Morgan Stanley.
"We thank our partners, TruFund Financial Services and the Ford
Foundation for leading the way with the Fund."
The Impact Developers Fund has now fully identified and
announced its first cohort of investees. It is anticipated that
future rounds will expand to service more BIPOC developers across
the country. TruFund Financial Services is actively raising
additional capital to support this initiative. For more information
about IDF please contact James H.
Bason firstname.lastname@example.org or Andre A.
About TruFund Financial Services, Inc.
Financial Services, Inc. is a wholly independent national nonprofit
Community Development Financial Institution (CDFI). TruFund seeks
to stimulate economic development in communities that are
underserved by traditional banking institutions by providing fair
and accessible capital, hands-on technical assistance, and
innovative solutions to small businesses and nonprofit
Follow TruFund on Facebook, LinkedIn, and Twitter to find
out more about the company's programs and initiatives or visit
Established in 2012, Lemor is a
New York City headquartered real
estate development company with projects primarily in New York City as well as other parts of the
East Coast, that primarily focuses on the acquisition,
preservation, construction and management of real estate. The
team has over fifty years of combined experience and is committed
to providing quality and sustainable affordable and workforce
housing. Its vision is to reduce the critical shortage of
affordable housing, impact the lives of tenants beyond the four
walls and become inspirational to growing BIPOC firms as a diverse
and socially aware developer.
Follow Lemor on LinkedIn and Instagram to find out more
about the company and initiatives or visit www.lemordev.com/.
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 worldwide including corporations,
governments, institutions and individuals. For more information
about Morgan Stanley, please visit www.morganstanley.com
About the Ford Foundation
The Ford Foundation is an
independent, nonprofit grant-making organization. For more than 80
years it has worked with courageous people on the frontlines of
social change worldwide, guided by its mission to strengthen
democratic values, reduce poverty and injustice, promote
international cooperation, and advance human achievement. With
headquarters in New York, the
foundation has offices in Latin
America, Africa, the
Middle East, and Asia.
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SOURCE TruFund Financial Services, Inc.