March 19, 2021 — Coastal Enterprises, Inc. (CEI) is proud to announce that the Woodforest CEI-Boulos Opportunity Fund recently won the 2020 BAI Global Innovation Award in the Societal and Community Impact Innovation category. CEI is a joint venture partner in CEI-Boulos Capital Management, the fund’s manager. The BAI Global Innovation Awards recognize financial services organizations that have “gone beyond the conventional to bring creative ideas to life, especially during a time of unprecedented change.” The Woodforest CEI-Boulos Opportunity Fund invests in high impact commercial real estate projects across Woodforest National Bank’s 17 state footprint. The fund’s investments will help create 1,800+ new jobs. The fund was selected from hundreds of nominations for the award program – the finalists for which represent some of the most “distinctive, impactful solutions in the global financial services industry.”
In a press release, Jay Dreibelbis, President and CEO of Woodforest National Bank®, remarked, “Thank you, BAI, for recognizing our opportunity zone (OZ) fund on a global scale and CEI-Boulos Capital Management for teaming up with us to leverage both the OZ incentive and the Community Reinvestment Act (CRA) to make an impact for underserved communities across our bank’s footprint. We are extremely proud of the work our team has done in the OZ space to date.”
The fund invests in commercial real estate projects within Opportunity Zones, with a focus on projects that will benefit distressed communities, promote social equity, and foster community engagement.
CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). CEI-Boulos is an innovative joint venture between two long-standing and respected organizations, forging a unique team representing divergent and complementary skills and perspectives:
- Coastal Enterprises, Inc. (CEI), one of the nation’s most successful, experienced, and innovative Community Development Finance Institutions
- The Boulos Company, one of New England’s most successful integrated commercial real estate firms with broad experience in capital markets and real estate development
“We’re thrilled to be working with Woodforest National Bank on this innovative fund investing in high-impact real estate projects across the bank’s service territory,” said Sam Spencer, Chief Executive Officer and Managing Director of CEI-Boulos Capital Management. “Thank you to BAI and the Innovation Circle judges for this recognition and for highlighting how the Woodforest CEI-Boulos Opportunity Fund is producing positive outcomes for underinvested communities.”
“This award serves as an acknowledgment that opportunity zone investments can do much more than provide tax advantages – they can create hundreds of jobs and a meaningful impact in under-invested communities, and that’s exactly what this fund has done. The Boulos Companies are elated to be a part of this management team. Congratulations to all involved with the Woodforest CEI-Boulos Fund for the impactful work they have done and will continue to do,” said Drew Sigfridson, SIOR, Managing Director of The Boulos Company, and a Managing Director of CEI-Boulos Capital Management.”