Primestor Development, a leading developer and investor in minority-owned and minority-led urban impact real estate, recently announced it has completed its first closing for The Urban Vision Fund I.

Arturo Sneider, co-founder and chief executive officer of Primestor, stated:

The fulfillment of our mission to deliver transformative real estate projects to underinvested communities, hinges on our ability to develop the right partnerships at every stage of our work.

This project, which will seek to develop and acquire mixed-use and transit-oriented real estate investment opportunities in minority urban communities with a geographic focus in California, already has an equity commitment through Belay Investment Group for up to $100 million and a $25 million capital commitment from LGT Capital Partners.

Through these funds, Primestor will continue to advance its core thesis of developing and investing in real estate in urban communities characterized by density, high growth, and limited access to essential goods, services, and housing.

Historical Management

Using a local hiring strategy, Primestor has historically created more than 14,000 permanent and local construction jobs that are estimated to generate $1.3 billion of local economic activity annually in historically diverse communities.

To date, Primestor has invested over $1 billion in mixed-use urban real estate, where The Urban Vision Fund I serves as a platform for the continued expansion of its unique business model geared toward local economic empowerment in under-invested minority neighborhoods through local job creation, local sales tax generation, and infrastructure improvements.

Primestor advances partnerships with local governments, community organizations and commercial tenants to offer more than 150 events per year on its properties, including book fairs, food drives, art exhibits, blood drives, as well as music and dance performances that highlight local talent.

“We are humbled and excited to complete our first closing for The Urban Vision Fund I with capital commitments from institutional and family office investors. LGT Capital Partners is an excellent partner for Primestor given its profound appreciation for and understanding of our unique investment strategy and the growth potential in our urban markets,” pointed out Leandro Tyberg, co-founder, President and Chief Operating Officer of Primestor.

About Belay and LGT Capital Partners

Belay is a Los Angeles-based women-owned and directed real estate investment management company that manages more than $900 million in assets, primarily on behalf of a large California-based pension plan.

“Throughout the due diligence process, we have been impressed with the principals and team at Primestor. Their thoughtful and disciplined approach to real estate development and investing provides significant social and economic impact to historically overlooked Latino and Black communities while also focusing on delivering returns to institutional investors,” said Eliza Bailey, Belay’s chief executive officer, and chief investment officer.

For its part, LGT Capital Partners is a leading specialist in alternative investments with more than $85 billion in assets under management and more than 600 institutional clients in 43 countries.

“We are delighted to complete our investment in The Urban Vision Fund and work with Primestor on direct investing opportunities in their robust project pipeline of mixed-used real estate projects in urban markets. Our investment establishes our company's partnership with Primestor and opens up other investment opportunities consistent with our long-term focus on environmental, social and governance considerations,” said Thomas Brown, partner at LGT Capital Partners.