MSquared, a women-owned real estate investment and development platform, announced a $139- million first close for its Equitable Housing Solutions Fund II (EHSF II), which will invest in the development of mixed-income, mixed-use projects in cities nationwide.
Headquartered in Lower Manhattan, MSquared raised capital from repeat and new partners, including anchor investor Citi Community Capital, Bank of America, Trinity Church NYC, Capricorn Investment Group and Deutsche Bank. With a target of $250 million, EHSF II aims to finance more than $1 billion of new mixed-income housing.
“By focusing on providing mixed-income housing in high-growth, high-cost areas, this fund both addresses the breadth of the affordability crisis and capitalizes on an investment opportunity not otherwise available in the private markets,” said Alicia Glen, founder & managing principal of MSquared. “Having been in the real estate business for decades, it’s clear that the traditional approach to housing development is not working and it’s time to do things differently.”
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