Transaction Is Second Multimillion Dollar Investment to Expand and Enhance Portfolio of Single-Family Rental Homes Benefitting Low- and Moderate-Income Individuals
December 12, 2022 08:00 AM Eastern Standard Time
ATLANTA–(BUSINESS WIRE)–The Promise Homes Company, the largest minority-led manager of institutional-quality, single-family residential rental homes in the United States, announced today that First Republic Bank, a leading private bank and wealth management company, has made a preferred equity investment in the company.
“We are honored to be furthering our relationship with First Republic Bank, a true leader in investing in communities, as we work hard to bring financial dignity to residents and maintain a high level of stable occupancy in our portfolio.”Tweet this
The proceeds will be used for expanding Promise Homes’ property portfolio, recapitalizing its existing portfolio as well as continuing to build out operations and general corporate purposes, all of which support low- and moderate-income individuals and communities.
This is the second multimillion dollar investment by First Republic Bank into Promise Homes, following a June 2021 preferred equity investmentthat helped expand the services, amenities and maintenance provided to the residents of Promise Homes.
“Our commitment to providing a quality home, financial and credit education and contribute to small, local businesses, especially those that are minority-owned, continues to meet Promise Homes and First Republic’s goals,” said John Hope Bryant, Founder and Chairman of The Promise Homes Company. “We are honored to be furthering our relationship with First Republic Bank, a true leader in investing in communities, as we work hard to bring financial dignity to residents and maintain a high level of stable occupancy in our portfolio.”
Read the original Businesswire Release here.
About Promise Homes
Launched in May 2017, The Promise Homes Company is the largest minority-led manager of institutional-quality, single-family residential rental property in the United States, with a focus on working-class and middle-class communities. Promise Homes offers its residents quality housing at affordable prices as well as financial empowerment and assistance that would position them financially to eventually own a home. Promise Homes also contracts with local, minority-owned businesses for property maintenance services, thereby creating local, sustainable jobs in the communities where it invests. Promise Homes was founded by John Hope Bryant, an entrepreneur, author, philanthropist, and prominent thought leader on financial inclusion, economic empowerment and financial dignity. For more information, please visit http://www.thepromisehomescompany.com.