A Squire Patton Boggs team led by New York lawyers Pamela Robertson and Corrine Irish have advised Genesis Companies LLC (Genesis) in receiving a preferred equity investment from NYC-based TruFund Financial Services, a Community Development Financial Institution, that will support Genesis’ strategic growth plan.
A Black-owned, full-service real estate development firm operating in the New York and New Jersey area, Genesis will use the preferred equity investment to grow internal capacity and leverage increased liquidity. Genesis has more than 16 years of experience developing affordable, workforce, and market-rate housing for individuals, families, seniors and other supportive housing.
This is the second investment by the Impact Developers Fund (IDF), which was launched by Morgan Stanley, TruFund Financial Services and the Ford Foundation in July 2020. IDF was created to provide equity capital and technical support to emerging real estate developers, especially businesses led by women and people of color.
“We are proud to work with Genesis on this milestone investment,” said Ms. Robertson. “As Black women, Corrine and I are particularly proud to support black-owned businesses navigate growth opportunities that can elevate their financial success and community impact.”
“We believe in Genesis’ mission and their commitment to elevate and positively impact underserved communities, especially right here in our backyard. It is industry leaders like Founder and CEO Karim Hutson who are making tangible, forward progress towards housing equity and inclusion,” added Ms. Irish.
“Every CEO should be looking to hire the best and brightest talent. This is the quality of legal services we sought and secured in this transaction by hiring Corrine and Pamela,” said Karim Hutson, Founder and Chief Executive Officer, Genesis Companies. “This engagement is a testimony to our firm’s commitment to refuse to overlook and undervalue talented professionals that are black and/or women.”