CEI-Boulos Capital Management
Sam Spencer, CEO of CEI-Boulos Capital Management
Updated: June 15, 2022
Brunswick real estate investment partnership launches $10M fund for NY communities
By Staff
A joint venture between Brunswick-based Coastal Enterprises Inc. and the Boulos Co. has raised a $10 million real estate equity fund from Norwich, N.Y., investor NBT Bank, with the goal of supporting low- and moderate-income individuals and communities in New York.
The NBT CEI-Boulos Impact Fund is the second fund for CEI-Boulos Capital Management, a fund management partnership of CEI, a community development financial institution, and Boulos, a Maine and New Hampshire commercial real estate firm with a presence in Portland.
“We’re thrilled to be working with NBT Bank on this innovative fund to invest in high-impact, community supported real estate projects in New York state,” Sam Spencer, CEI-Boulos Capital Management’s CEO and managing director, said in a news release.
The goal is to invest in high-impact, community-supported commercial real estate projects located within NBT’s Community Reinvestment Act assessment areas.
The Community Reinvestment Act, enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods.
CEI-Boulos said aims to help banks achieve their Community Reinvestment Act objectives by organizing and managing funds that invest in financially attractive, high-impact commercial real estate projects that benefit the communities in which they are located.
NBT said it will create a social impact advisory board to evaluate redevelopment and new construction projects, such as multifamily, mixed-use, industrial, office, retail and hospitality projects that align with community needs.
NBT has locations in Maine, New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Connecticut. The bank's parent company, NBT Bancorp (Nasdaq: NBTB), had assets of $12.1 billion as of March 31.
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