NEW YORK & DETROIT--(BUSINESS WIRE)--Basis Investment Group (Basis), a national commercial real estate (CRE) debt and equity investment platform, today announced a new origination partnership with First Independence Bank, a Detroit-based commercial bank focused on delivering financial services with an affinity for under-served and minority communities.
The partnership with First Independence Bank represents just the second time in the U.S. that a certified minority and woman owned CRE investment platform, and a Freddie Mac Optigo seller servicer and Fannie Mae DUS lender has teamed up with a Minority Depository Institution (MDI). In 2022, Basis partnered with Genesis Bank in California, forming the first partnership of this kind. The new partnership with First Independence Bank will allow Basis to further deepen its commitment to underserved communities while providing First Independence access to additional capital and lending products which will produce more business opportunities that generate wealth.
“We are excited to partner with Basis Investment Group. Their unique brand of products along with our brand of bank products and services provides not only a complementary means to better serve each of our customers, but also an opportunity for us both to expand our reach to help existing and new customers,” said James Dunn, Esq., EVP, chief operating officer, First Independence Bank.
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.
“Basis and First Independence are combining forces to increase access to capital and credit for underserved communities,” said Tammy K. Jones, CEO and Founder of Basis. “We are proud to partner with the only African American‐owned bank headquartered in the State of Michigan, whose goals are aligned with ours—lending in communities that are often overlooked by majority providers—and the social impact and wealth generation this access to capital creates.”
Jones founded Basis in 2009 during the height of the global recession, as she sought to create an alternative lending and investment platform focused on diversification, not just across the company’s portfolio and investments, but among team members. Basis has invested and loaned more than $(1.3B) with qualified diverse owners and operators. 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.
About Basis Investment Group
Basis Investment Group is a full-service commercial real estate investment platform investing across the capital stack of stabilized, transitional, and development CRE assets throughout the United States. With representation in New York, Chicago, Dallas, Tampa and Irvine, CA, Basis has successfully closed over $5 billion in transactions across multiple strategies and asset classes focusing across the US middle market.
Basis, a certified Minority and Woman-Owned Business (MWOB), focuses primarily on investments in the middle market where it has deep relationships. Basis is a registered investment advisor and lender that invests in both debt and equity strategies including fixed rate senior mortgage loans, bridge loans, mezzanine loans, preferred equity, structured equity, JV equity and B-piece investments. Basis is also the only diverse-owned and licensed Optigo® lender for Freddie Mac. For more information, please visit www.basisinvgroup.com.
About First Independence
First Independence Bank’s mission is to be a beacon for capital accumulation for individuals and business entities by delivering financial services with an affinity for under-served and minority communities
First Independence Bank, a state‐chartered commercial bank, complies with all applicable laws, rules, regulations, and ordinances of the City of Detroit, the County of Wayne, the State of Michigan, and the federal government. FIB has experience providing services to entities and individuals of varying size and complexity. FIB conforms to National Automated Clearing House Association rules. All depositors of First Independence Bank are insured by the FDIC up to $250,000.
First Independence Bank opened its doors on May 11, 1970. We have served the banking needs of the Detroit Metropolitan area for over 50 years and remain one of two banks headquartered in the City of Detroit, as well as the only African American‐owned bank headquartered in the State of Michigan. Treasury Management Services are generally managed from our Headquarters on Woodward Avenue in Detroit.
The Bank is the majority owner of Minority Alliance Capital, LLC (“MAC Leasing”). MAC Leasing is a certified minority‐owned equipment leasing company providing equipment lease financing, leasing administration and lease advisory services for Fortune 1000 companies. Headquartered in West Bloomfield, Michigan, the company is jointly owned by two certified minority‐owned banks. MAC Leasing is committed to helping secure the best quality solutions for financing and managing the complex process of equipment acquisition, life cycle management and asset tracking.