The Bagley Development Group kicked off a $75M renovation project located in downtown Detroit that’s slated to bring 148 luxury one and two-bedroom apartments to the city. BDG is a Black-led development team that is comprised of managing partner Emmett Moten, Scott Allen, Larry Brinker Sr., Tom Goss, Richard Hosey, Roy Roberts and Jim Thrower, who combined have decades of development experience in Detroit.
Leslie White is a partner with the American Federation of Labor and Congress of Industrial Organizations. The AFL-CIO participated in providing financing for the Bagley Development Group, and have contributed about $42 million to the deal.
What went into this deal for providing financing for the Bagley Development Group?
Detroit is just such an iconic city, and we have expertise in financing, and affordable workforce housing all over the country. I think to make these deals work, you have to have people with expertise in structuring financing. So we provided the financing for a large part of the construction loan, and we’re also buying back the mortgage-backed security as part of our portfolio that provides a good investment for investors involved in our $7 billion fund.
Any deal that we get involved in it has to be done with construction because the money that is invested in our fund comes from union pension funds. It not only provides a good investment for them but also allows them to generate work hours so it provides a lot of collateral benefits but it also adds to affordable and workforce housing in their community that’s in desperate need all over the country as well as Detroit.
