NBT Bank and CEI-Boulos Capital Management launch equity real estate investment fund

NBT Bank and CEI-Boulos Capital Management recently announced the launch of the NBT CEI-Boulos Impact Fund, a $10 million real estate investment fund with NBT Bank as the sole investor. The fund is designed to support low- and moderate-income individuals and communities through investments in high-impact, community-supported commercial real estate projects located in Community Reinvestment Act (CRA) assessment areas. of the bank in New York.

“As a community bank, NBT is committed to the communities we serve,” said NBT Bank President and CEO John H. Watt, Jr. stronger and healthier. We believe that investing in projects that provide essential affordable housing can also have a ripple effect by supporting job creation and strengthening our communities.

The NBT CEI-Boulos Impact Fund is managed by CEI-Boulos Capital Management, a fund management company focused on delivering competitive financial returns and social impact, according to a press release. The release says CEI-Boulos helps banks achieve their CRA goals by organizing and managing funds that invest in financially attractive, high-impact commercial real estate projects that benefit the communities in which they are located.

CEI-Boulos prioritizes projects that represent collaborations between diverse entities – including non-profit organizations, local and state governments, philanthropic institutions, banks, community development finance institutions, community organizations, private investors and local developers – who share a vision for their community, according to the statement.

“We are thrilled to be working with NBT Bank on this innovative fund to invest in high-impact, community-supported real estate projects in New York State,” said Sam Spencer, CEO and Managing Director of CEI. -Boulos Capital Management.

NBT will create a Social Impact Advisory Board to assess redevelopment and new construction projects, such as multi-family, mixed-use, industrial, office, retail and hospitality projects that closely match the needs of the community. The advisory board will provide information on the social and environmental impacts of the investments proposed by the fund. Areas of targeted impact will include projects that support job creation, affordable and workforce housing, Main Street revitalization/historic preservation developments that do not contribute to gentrification/ displacement, developments that serve non-profit organizations and environmentally sustainable real estate developments.

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