Published on July 22, 2022July 22, 2022

7 mins read

Largest Black-Led Bank Hosts Conversation About Real Estate and the Wealth Gap

“Black Voices in Real Estate LA/DC” conducted a bi-coastal virtual panel this past Black history month featuring various real estate, banking experts, and Black newspapers.

This virtual panel, conducted by City First Bank, the leading, Black-led bank in the U.S. and Housing Finance Agency, sought to strategize on the role of black developers in closing the racial wealth gap.

Purpose of the Panel

The panel brought together “top developers and other community development partners working on strategic initiatives that help increase economic mobility for Black Americans, specifically supporting Black developers.”

This partnership included “America’s Historical Black Newspapers that aimed to bring awareness to the “origins of the racial wealth gap dating back to the reconstruction era.”

The first panel was moderated by Micha Green of The Afro.

Panel participants included:

Shironda Evans, Blue Sky Development
Micha Green, AFRO D.C. Editor
Kenyan McDuffie, DC Council Member
Danny Bakewell, L.A. Sentinel/ LA Watts Newspaper
Kymber Minketit, Keller Williams Capital Properties
Harvey Yancey, H2DesignBuild
Omar Karim, Banneker Ventures
Don Peebles Jr. III- Legacy Development
Tom Nida, City First Bank
Sonja S. Wells, City First Bank

And many others.

Sonja S. Wells of City First Bank, the only Black chief lending officer in D.C., opened the discussion, introducing the panel.

She noted that the individuals and organizations on the panel are “leading centers of influence and pioneers in D.C. and L.A.’s commercial real estate scene who are engaged in community economic development.”

“They are primarily leading the development of the urban landscape by producing tomorrow’s affordable housing mixed-use real estate and community facilities to create opportunities for minority contractors’ employment as well as homeownership for low to moderate income communities.”

Key Takeaways:

Black developers are focused on community economic development:

Sharonda Irving of Blue Skye Construction and Development welcomed viewers to the Forum and shared several of her organization’s community initiatives that have successfully helped vulnerable members of the DC community. Her company is one of a few Black-native DC commercial real estate development firms, responsible for the development of many impactful projects.

One imminent project is a part of the Hill East neighborhood of Capitol Hill, which contains twelve thousand square feet of retail space, outdoor seating, and 100 units for the District of Columbia permanent supportive housing program.

This program “provides housing and workforce training opportunities to aid individuals transitioning from homelessness to permanent housing, and these units will all be affordable at 30% percent Area Median Income (AMI). In addition, it is designed “to help to stabilize women and families who had previously been experiencing homelessness and housing insecurities.”

Blue Skye is also focused on hiring local DC contractors and working with CBE (Certified Business Enterprises within the District of Columbia.

History of Racial Wealth and Housing Gap in America:

Micha Green stressed, “The United States of America has had a long history of discrimination toward African Americans in lending zoning, home ownership, and infrastructure development. These practices have resulted in a racial wealth gap in which Black wealth accounts for only about five percent of white wealth even though black incomes average about 60 percent of white annual income.”

The discussion included a Fireside Chat between Tom Nida, EVP of City First Bank, and Kenyan McDuffie, DC Councilmember and Chair of the Economic Development committee.

This chat included a visual timeline and breakdown of the history of the racial wealth gap in American housing dating back to 1865 and continuing throughout the end of the 19th century to the 20th century.”

Nida and Mcduffie broke down the history and discussed where we are today.

“It is the role of elected officials to acknowledge the challenges that exist in housing,” said Kenyan McDuffie.

It was stressed that systemic measures needed to be put in place that helps people own homes but also own commercial real estate. They noted that many minority business owners are doing well but don’t own the real estate they operate in, and policies and funding are being put in place by DC Mayor Muriel E. Bowser to ensure that these opportunities are present and expanded.

Closing the knowledge gap:

This compelling fireside chat was followed up by the main event featuring the leading Black developers from DC and LA as well as funding partners committed to supporting the Black developer ecosystem. Danny Blakewell of The LA Sentinel and LA Watts Times moderated the panel.

The candid conversations focused primarily on addressing the communities’ needs, how to forge more significant partnerships within the community, what struggles developers were facing, and more.

Eloquently stated during the discussions is the fact that “if you don’t understand the rules of the game, you’re never going to win it.”

“This unique peer forum shed light on the viable opportunity to invest in the often overlooked sector of Black real estate developers who are intentional about creating socio-economic impact as part of their mission. City First is proud to present the top Black developers in the country for this powerful thought-leadership roundtable. We hope that the first-hand knowledge shared with thousands of viewers nationwide will ultimately help close not only the knowledge gap in community development finance, but ultimately help close the persistent racial wealth gap in America.” said Gloria Nauden, City First Bank Vice President of Marketing and Communications, who served as the forum curator.

Tony O. Lawson

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Published on March 19, 2022October 17, 2022

2 mins read

Black Developers Make History With $100M Project in Birmingham

A team of Black developers is set to transform 222 acres of land in Birmingham, Alabama into an estimated 900 residential units, single-family, multi-family, and senior housing with a project that has an estimated cost of $100 million.

The Birmingham City Council, with Birmingham Mayor Randall L. Woodfin, today approved an ordinance authorizing the sale and development of real estate with Green Meadow Apartments, LLC.

The development team is all African American, including the general contractor. With over $2 billion, to date, this is the largest transaction led by African Americans in the city’s history.

“This is a great day for the city of Birmingham,” said Mayor Woodfin. “Not only because of the jobs, the homes, and the economic impact, but because of the history that is being made.”

The City sold approximately 222 acres of land located in the vicinity of Lakeshore Parkway at 1911 Tiger Walk to Green Meadow Apartments for a purchase price of $1.5 million.

Green Meadow Apartments will undertake a multi-phased project involving the development of single-family, multi-family, and senior housing which will include an estimated 900 residents and a commercial town center. This project is being led by CEO Michael German, who is the former Alabama representative for HUD.

Green Meadows’ preliminary studies suggest this will generate 240 permanent jobs and another 2,000 construction jobs. The total investment in this project will be $100 million. The project includes a town center with a grocery store and commercial and retail office spaces. This will generate $500,000 in property taxes in the first three years.

“We want to thank the mayor and council for their support in this transformational project,” said Cornell Wesley, director of the Department of Innovation and Economic Opportunity. “This sends a message to the entire country that African American and minority developers have a place in Birmingham, and we are aggressive and intentional about supporting their efforts.”

Tony O. Lawson

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Published on February 25, 2021April 13, 2023

9 mins read

Black Developer Hires Black Owned Title Insurance Company for Multiple Deals Totaling $310M In Affordable Housing

Brisa Builders and National Standard Abstract are two Black owned real estate firms that are creating stability within underserved communities through housing opportunities and philanthropy.

Ericka Keller, CEO of Brisa Builders Corporation, has committed her organization to circulate dollars within the ecosystem of Black entrepreneurs. An example is engaging National Standard Abstract, one of the largest 100 percent Black-owned companies in the real estate industry, to provide title insurance for all of her real estate transactions.

black owned firms — Ericka, CEO of Brisa Builders Corporation and Managing Member at Brisa Builders Development

Since 2018, Brisa Builders has developed several faith-based real estate projects totaling over $310 million, including the $154 million Ebenezer Plaza Phase 1A and $75 million Ebenezer Plaza Phase 1B with the Church of God of East Flatbush, $45 million Bishop Philius and Helene Nicolas (BPHN) Senior Residences, and the $36 million Harry T. Nance Apts.

Brisa Builders Corp. is a family-owned construction management, development, and general contracting firm based in Brooklyn. Founded by the late Lilly and Thomas Keller in 1997, the company has a long history of working with faith-based organizations to construct affordable senior housing.

Ericka Keller was a principal for the New York City Department of Education before taking the helm of the family business in 2012. Four years later, she opened her company called Brisa Builders Development LLC to continue educating and forming partnerships with faith-based institutions throughout New York City to build quality and affordable housing accessible to all residents.

Although there are very few Black real estate developers, studies show that they have the highest percentage of hiring other Black-owned firms throughout the development process. In 2014, The Church of God of East Flatbush engaged Brisa Builders to develop two parcels of land in Brooklyn, NY, known as Ebenezer Plaza. Three years later, Brisa Builders enlisted National Standard Abstract to provide title insurance for the transaction.

Family Affair

Ericka Keller introduced Bishop Dr. R.C. Hugh Nelson from the Church of God of East Flatbush to Osei Rubie of National Standard Abstract in 2017 to cultivate partnerships with faith leaders through educational forums. Ironically, in 2020, Osei Rubie discovered Bishop Dr. R.C. Hugh Nelson was his cousin.

Osei Rubie’s mother, Jamaican-born Yvonne Rubie, identified the new family connection during a Zoom meeting led by Bishop Dr. Nelson’s sister, Joy Nelson. She immediately made the revelation of a development project in Brooklyn that would now reunite long-lost cousins working side-by-side for years and unaware of their shared roots. After a quick confirmation call between mother and son, it became clear why the friendship with Bishop Dr. Nelson and Osei Rubie came with such ease.

Strengthening communities is a family affair for these intergenerational organizations. After realizing the complexities of faith-based development, National Standard Abstract began to supplement the industry insight offered by Brisa Builders. Osei Rubie facilitated public forums on title insurance where he shared crucial knowledge about the history of properties that could benefit faith leaders considering development.

National Standard Abstract is a full-service title insurance agency with expertise in faith-based developments, residential and commercial real estate transactions. Since launching in 2015, the family- and Black-owned firm has closed over $1 billion in transactions within New York and New Jersey. As the bridge to building one community at a time, National Standard Abstract expanded its footprint into philanthropy through the Osei Rubie Charitable Fund to help end racial inequity and support the organizations working on the ground to create real change.

Cooperative Economics

“Cooperative economics is critical in Black communities, where small businesses competing for government contracts are already at a disadvantage because of our race, level of experience, budget, and capacity. Relationships with Black real estate professionals and developers, including Brisa Builders, who hired our agency to provide title insurance, were essential to expanding our business portfolio.

Today, we have set the industry standard with quality services while deepening our commitment to investing in the communities where we do business. As a proponent of Black entrepreneurship and generational wealth, I am excited to carry on this vital work amongst newfound family like Bishop Dr. Nelson,” said Osei Rubie, founder and president of National Standard Abstract.

“In less than a decade, National Standard Abstract has grown exponentially because we believe that relationships matter – at home and in the workplace. Before one can lead, you must first learn the fundamental principles of life and business. I am collaborating with my business partner, mentor, and father on development projects that will uplift historically marginalized communities. Together, we have achieved what others thought was impossible because we are family and of African descent,” said Nadir Rubie, a partner at National Standard Abstract.

According to a statement from Ericka Keller, “Every opportunity to partner with industry leaders and faith-based institutions that reflect our community deepens our longstanding commitment to providing stability to Black and Brown families who are vulnerable to economic insecurity and homelessness. I am proud to uphold the legacy of my father Thomas Keller, who believed that it is our collective responsibility to build affordable homes that combat efforts to uproot local residents.”

Bishop Dr. R.C. Hugh Nelson is the senior pastor of the Church of God of East Flatbush. Currently, he oversees two phases of a three-phase development project called Ebenezer Plaza, totaling $364 million to build nearly 530 affordable housing units, commercial spaces, a sanctuary, and a community facility to provide social services.

“In recent years, houses of worship in New York City have begun to expand their ministry’s focus beyond the borders of the sanctuary to improve the quality of life in the community. Foundational to the existential needs facing the urban landscape is affordable housing.

A little over a decade ago, our congregation decided to take a leap of faith and incorporate affordable housing in our future expansion. A few years after purchasing two city blocks to relocate the church facility, we were introduced to Brisa Builders and later National Standard Abstract to bring the vision into reality. After doing due diligence and checking several references, I am convinced this was the most important step in bringing the vision into reality,” he said.

Brisa Builders and National Standard Abstract have created a blueprint that has every potential to spur economic growth, stability, and opportunities in underserved communities.

In the aftermath of the COVID-19 pandemic, where Black-owned businesses were largely excluded from the federal government’s emergency relief programs, we must begin to rely upon ourselves to rebuild Black wealth and communities. Black dollars can only circulate when we hire within to secure the future for the next generation.

Tony O. Lawson

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