logo
logo

The Promise Homes Company Secures Multi-Million Dollar Equity Investment From Leading U.S. Bank; Cra-Eligible Capital

Jun 04, 2021•over 4 years ago
Atlanta

Description

The Promise Homes Company (TPHC), one of the largest minority-led owners of institutional-quality, single-family residential rental property in the United States that serves working-class and middle-class communities announced today that First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, has made a multi-million dollar purchase of Preferred Units. The proceeds in part will be utilized to evaluate new investments in single family rental properties across the Southeast U.S., which may also qualify for Community Reinvestment Act (CRA) credit for First Republic.

Company Information

Company

Promise Homes

Location

Atlanta, Georgia, United States

About

Launched in May 2017, the Promise Homes Company is one of the largest minority-controlled owners 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 is led by Chief Executive Officer 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.