MSquared Raises $200M for 2 Mixed-Income Housing Funds
By Rebecca Baird-Remba June 2, 2023 3:02 pm
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Alicia Glen’s real estate firm MSquared has raised $200 million across two mixed-income housing investment funds, with the Ford Foundation and the Skoll Foundation joining one fund, Commercial Observer has learned.
In addition to the two private nonprofit foundations, investors include Capricorn Investment Group’s Sustainable Investors Fund, Citibank, Wells Fargo (WFC) and Goldman Sachs (GS), where Glen spent much of her career prior to joining former Mayor Bill de Blasio’s administration as a deputy mayor for housing and economic development.
The capital raised is going toward a variety of ground-up projects, including the 200-unit, 50 percent affordable Koz on Alderwood rental project in Lynwood, Wash., north of Seattle, and a 219-unit, half-affordable project dubbed Oakhouse in the North Cliff area of Dallas, Glenn said. Both projects are with local, women-led development firms, Koz Development and Mintwood Real Estate.
MSquared is also working on a 200-unit project in New Haven, Conn., called Square 10, which will include 40 units for low- and middle-income families and 16,000 square feet of retail. Last, the firm is working with the Erie Canal Harbor Development Corporation on a 70 percent affordable, 367-unit project that will include retail and office in Buffalo, N.Y.
“Even though the market is really challenging right now, I think cities and developers are attracted to the idea of doing mixed-income housing, and doing more future-proofing,” said Glen. “When the market-rate [development] guys are backing off, it’s given us a lot of opportunities to work with mission-driven developers to come up with projects that work and alleviate some of the affordable housing crises.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
CORRECTIONS: This article has been updated to reflect a few corrections, including what the new funds will invest in and the unit count for the Buffalo project.
