To date, CEI-Boulos has invested in 10 projects with a cumulative capitalization of approximately $407.6 million. Though still in the early stages, these high impact projects are projected to make the following impact*:
- 913 permanent direct and indirect full time equivalent jobs; plus 409 jobs at tenant businesses
- 2,206 construction jobs during the development of the projects in the portfolio
- 8,140 customers/students/patients served annually via services housed by the projects
- 1,223 housing units created or rehabilitated for rent, 796 of which are formally restricted to be affordable, with additional workforce housing units that are affordable but not formally restricted
- Three brownfield sites remediated, two of which are within EPA designated “Superfund sites”
- Two historic buildings rehabilitated
- Five certified energy-efficient buildings developed, including two solar powered projects and a “net-zero” facility
*Projections of capital & impact provided by developers at the time of underwriting.
The Woodforest CEI-Boulos Opportunity Fund
The Woodforest CEI-Boulos Opportunity Fund is a $22 million real estate investment fund targeting projects within federally designated Opportunity Zones. The fund’s sole investor is Woodforest National Bank®, a privately owned national bank headquartered in The Woodlands, TX, that currently operates over 760 branches in 17 states proudly celebrating over 40 years in banking. The fund’s Social Impact Advisory Board provides input related to the impacts of proposed investments by using metrics aligned with the goals of the Community Reinvestment Act and the “Opportunity Zone Reporting Framework” developed by the U.S. Impact Investing Alliance, the Beeck Center at Georgetown University and the Federal Reserve Bank of New York.
The Woodforest CEI-Boulos Opportunity Fund Portfolio
- 698 ProspectPembroke, NC
- Forge on North MainEvansville, IN
- Mercantile on MainRochester, NY
- Sharswood RidgePhiladelphia, PA
- St. Elizabeth East CampusWashington, D.C.
- St. James HotelSelma, AL
- The WesmontIndianapolis, IN
- Zero Energy North Affordable Housing BaltimoreBaltimore, Maryland
The University of North Carolina Pembroke (“UNCP”) Student Housing Project in Pembroke, NC has 138 units/498 beds of student housing adjacent to UNCP, a Native American founded university focused on serving students with low incomes. This small rural town is the political, economic and cultural center of the Lumbee Tribe, the largest Native American Tribe east of the Mississippi.
Forge on North Main
The Forge on North Main Project in Evansville, IN, is the ground-up development of 180 units of affordable/workforce housing in the underinvested neighborhood on a remediated brownfield site. The project also brings a grocery store to this USDA designated “food desert.”
Mercantile on Main
The Mercantile on Main in Rochester, NY, part of the 1.1 million square foot redevelopment of the historic Sibley Square downtown building, brings the first food hall to the city and food options to residents in the epicenter of a federally designated “low-income, low-access food desert,” removing common barriers to food entrepreneurship, and, along with an affiliated food business incubator, provides workforce training and entrepreneurship opportunities for individuals with low incomes.
The Sharswood Ridge Project in Philadelphia, PA brings affordable and workforce housing, a grocery store, a bank branch and an urgent care medical clinic to the long underinvested Sharswood community, serving as a critical component of a comprehensive plan to revitalize the neighborhood.
St. Elizabeth East Campus
The St. Elizabeth East Campus Project redevelops a historic landmark hospital campus in Washington, DC’s Anacostia neighborhood. The fund has invested in an office complex which houses a community-focused nonprofit healthcare provider in this federally designated “Medically Underserved Area.”
St. James Hotel
The St. James Hotel Restoration Project in Selma, AL, converts a shuttered asset that is central to the rural community’s rich history into a 55-key, Hilton™-branded, quality hotel that creates good jobs accessible to people with low incomes and supports the city’s growing civil rights tourism industry.
The Wesmont Workforce Housing Project in Indianapolis, IN, is a transit-oriented development consisting of 188 units of affordable housing located on a former industrial brownfield site in the underinvested near Eastside neighborhood, one of only twenty-two federally designated “Promise Zones.”
Zero Energy North Affordable Housing Baltimore
The NBT CEI-Boulos Impact Fund
The NBT CEI-Boulos Impact Fund is a $20 million real estate investment fund targeting community-oriented real-estate projects in 26 counties across New York state.
NBT Bank is the sole investor in the fund, designed to support individuals and communities with low and moderate income through investments in high-impact, community-supported commercial real-estate projects located within the bank’s Community Reinvestment Act (CRA) assessment areas in New York
The NBT CEI-Boulos Impact Fund Portfolio
Your Project – Coming Soon
New York State
The fund targets high-impact projects located within the bank’s Community Reinvestment Act (CRA) assessment areas in New York State. The fund plans to make equity investments of $1 to 5 million per project and will co-invest in select commercial real estate developments with qualified and experienced sponsors. Investments will adhere to CRA requirements and produce compelling social and environmental impacts.