US real estate investor Basis Investment Group (BIG) has invested $30m (€27.6m) for a stake in Tishman Speyer’s first Los Angeles-region residential development.
Tishman Speyer said the minority and woman-owned commercial real estate investment manager has committed the capital as an equity partner in Santa Monica Collection, a 617-apartment project with 31,000sqft of retail.
The Santa Monica Collection portfolio consists of eight development sites across nearly 3.1 acres in Downtown Santa Monica, California.
Tishman Speyer said it expects to start work on the first four buildings in early 2023 with the remaining four commencing in 2024.
Tishman Speyer’s CEO Rob Speyer said: “We are pleased to be partnering with Basis Investment Group to cultivate a thriving mixed-use community in the heart of Downtown Santa Monica.
“This partnership illustrates our commitment to embedding diversity into all aspects of our business. By making a conscious effort to remove structural and institutional impediments to equitable representation, we strengthen our firm and the communities served by our investments.”
Tammy K Jones, CEO and founder of Basis Investment Group, said: “Inclusive capital matters and we are excited to partner with Tishman Speyer in their commitment to providing investment opportunities in large-scale development projects for MWBE capital providers like Basis.
“We applaud Tishman Speyer for being a leader in breaking down barriers and creating access to wealth creating- joint venture opportunities that diverse firms have largely been excluded from.”
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